Menta, a new fintech revolutionising access to credit for the underbanked consumer, has selected Agora Services to launch its groundbreaking credit builder loan platform. The underbanked segment represents more than 100 million Americans who are disadvantaged by the current banking environment due to regulations and lack of financial education. Agora will power Menta with its Banking-as-a-Service (BaaS) platform, which comprises the most advanced digital bank features like real-time onboarding, opening accounts, sub accounts, money pools and real-time virtual card issuing.
Many underbanked consumers are denied approval of traditional credit services, such as credit cards or home equity loans due to minimal or out-of-date credit history contributing to a lack of credit score. Menta, a Fintech founded by minority women, saw the need for credit building services where recent players targeting the underbanked are offering checking accounts. Based on experience and research, Menta set out to build a credit building platform that combines the user experience of digital neobanks with the loan services needed to build credit for millions of Americans.
Menta’s founders then set out to build a more modern and robust platform to revolutionise access to credit to the underbanked. They reinvented credit builder loans leveraging the mobile and digital banking experiences consumers demand and offering real-time servicing and access to funds. The Menta platform will launch with real time account opening, real time decisioning system, and money pool with family and friends. Over the next year, Menta will expand its platform to become a Super App and include savings features, FX-remittance, cryptocurrency support and other features that will support underbanked users.
“Many people – especially those from underserved or minority communities – are unaware of the benefits of a credit builder loan program and what it can do for their credit score,” said Karen Jeffley, Co-founder at Menta. “Our goal is to educate and provide a service to help underserved adults with the opportunity to build their credit. That is exactly what we are doing with our partnership with Agora.
“We discovered that Agora is more than a provider, they are a true partner on this journey,” said Jeffley. “They have assisted us in the definition of our products as well as strategy which is quite unique and priceless.”
Menta selected Agora Services because of the BaaS provider’s most advanced suite of features and services they could offer immediately, along with a one-stop location to launch additional features as they become needed. Agora was launched by fintech veteran Arcady Lapiro who has more than two decades of experience in leading challenger banks, including being part of the founding team that grew one of Europe’s first challenger banks from launch to more than $20billion in assets, and profitability within four years. Agora’s technology allows fintech and retailers to totally customise their solution based on the needs of the market they are serving. Modular banking allows for niche solutions to be added on top of current banking solutions as well as other niche offerings to create a complete banking solution that is competitive in today’s market. Agora is the fastest growing BaaS provider after launching its white label solutions on Finastra Fusion Fabric platform as pending launch with another major core, and powering one of the largest conglomerates in the Middle East. Agora will also soon be announcing the first community banks and credit unions to select its platform.
“Agora is thrilled to be working with Menta to create an innovative solution for this market,” said Arcady Lapiro, CEO and Founder of Agora Services. “Agora is able to fill the gaps and provide more customisable solutions for financial institutions allowing for niche needs like credit building to be met. I believe in an approach based on a business-driven structure rather than a freemium solution as the experienced team at Menta will provide full support in their success, and we want to power their success and access to credit to this large part of our population”.