Synctera and LoanPro have formed a partnership aimed at transforming how companies launch banking and credit card products. This collaboration integrates Synctera’s established banking and payments platform with LoanPro’s advanced lending and credit technology, providing an efficient solution for businesses seeking to meet their customers’ financial needs.
According to a blog post by Synctera’s Chief Product and Technology Officer, Ellen Linardi, the integration of LoanPro’s scalable credit underwriting and loan servicing capabilities into the Synctera platform creates a comprehensive offering. This unified platform enables companies to develop both deposit and credit products through a single set of application programming interfaces (APIs).
Streamlined Solutions for Financial Innovation
The partnership is designed to streamline operations for businesses by allowing them to manage all compliance and operational workflows from the Synctera Console. This solution consolidates end-user data into a single ledger, which provides sponsor banks with complete visibility into the program lifecycle.
Linardi emphasized the significance of this development, stating, “Financial innovation doesn’t stop at deposit and debit products. With the launch of the Synctera Credit Card, we are excited to continue powering even more of the future of finance with the infrastructure and tools built for modern FinTech and embedded finance products.”
The platform is set to enable companies to offer credit card products that feature flexible spending controls, varied fees, per-category interest rates, rewards, and personalized user experiences. This flexibility is crucial for businesses looking to cater to diverse customer preferences.
LoanPro’s CEO and Co-Founder, Rhett Roberts, highlighted the benefits of their credit infrastructure, which allows for both flexibility and compliance. He noted, “By partnering with Synctera, which brings deep regulatory expertise, we’re delivering a platform that allows FinTech, payments, and banking companies to launch innovative credit products quickly, to suit their customers’ unique needs, while maintaining the highest standards of oversight and security.”
Supporting Growth in the FinTech Sector
In March 2023, Synctera raised $15 million in funding, which is intended to accelerate its growth and enhance its ability to address the complex requirements of its clients. The company’s Co-Founder and CEO, Peter Hazlehurst, remarked that this funding represents a vote of confidence, enabling Synctera to drive scalable growth and excellence for its customers and the associated banking community.
As the financial landscape continues to evolve, partnerships like that of Synctera and LoanPro are pivotal in enabling innovative solutions that meet the demands of modern consumers. By combining their strengths, these two companies aim to set a new standard in the banking and credit product marketplace.
