Embedded finance platform Bond Financial Technologies has partnered with digital payment and banking technology provider i2c to launch credit card-as-a-service solutions.
The Bond Credit Builder Card allows businesses to offer consumers a secured credit building program, while the Bond Credit solution enables businesses to create personalized credit products for individuals and small businesses and provide immediate access to a virtual credit card for those who are approved, the companies said in a Monday (Oct. 17) press release.
“Bond was built to give brands and banks the ability to scale safely so that they can provide exceptional customer experiences to all,” Bond Co-founder and CEO Roy Ng said in the release. “With our credit products being backed by i2c’s agile processing platform, companies can now launch credit programs with Bond quickly and seamlessly.”
The solutions are powered by i2c’s software-as-a-service (SaaS) platform and payment processing, according to the press release.
“We are proud to partner with Bond as they work to reimagine credit in new and innovative ways utilizing banking-as-a-service and embedded finance,” i2c Chief Product Officer Ava Kelly said in the release. “With our highly-configurable platform, Bond gains the ability to self-service programs for their clients, to easily and rapidly launch a wide range of use cases.”
The Credit Builder Card aims to help businesses offer easier credit access to U.S. consumers who have a subprime credit score or are classified as “credit invisible” or “unscorable” by providing them with a secured credit card they can use wherever Mastercard or Visa is accepted. They can then increase their credit score over time by making consistent on-time payments, according to the press release.
Nearly 35% of Americans have subprime credit scores, Ng told PYMNTS’ Karen Webster during an interview posted in August.
Read more: FinTechs Build Critical Credit Capability With Secured Credit Cards
“We’re not talking about a small sliver of people here,” Ng said. “This is a fairly large population facing this issue every day.”
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