Elevate Credit, Inc. (“Elevate”), a tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers, announced an agreement to collaborate with Mastercard on the development of a new credit product to expand financial opportunities for the approximately 160 million Americans with low or no credit scores.
Elevate is committed to advancing growth and economic opportunity for these households that it has dubbed the “New Middle Class.”
Ken Rees, CEO of Elevate said: “A key issue for America’s non-prime population is income volatility. Accessing a traditional credit product with real buying power will allow them the opportunity to smooth their financial ups and downs.”
Set to launch in 2018, Elevate is working with a bank partner to develop this first-of-its-kind credit card product that will feature a credit card with on/off functionality, credit score monitoring and a full service mobile app along with custom purchase and fraud alerts.
Sherri Haymond, executive vice president of Digital Partnerships for Mastercard, said: “In January, Mastercard launched the Inclusive Futures project to address the needs of gig and on-demand workers who often juggle multiple jobs, variable paycheques and inconsistent benefits. By aligning with companies such as Elevate, we can create digital products and services to help manage finances and speed payments, making lives easier and safer for one-third of the U.S. workforce.”
This new product developed by Elevate will use advanced data analytics that go beyond credit scores.
Jason Goldberg, General Manager Bank Products, said: “Elevate is rooted in a culture of innovative customer service and is truly committed to financial inclusion. Through this alliance, we hope to bring a prime customer experience to millions of people in the non-prime market, including many credit card features traditionally reserved for those with very high credit scores.”