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Elevate Credit and Central Pacific Bank to Collaborate on New Fintech Company “Swell”
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Elevate Credit, Inc. (NYSE: ELVT) announces collaboration with Central Pacific Financial Corp. (NYSE: CPF) as it expands into mainland U.S. through a new fintech venture, Swell. Swell will launch a consumer banking app integrating checking and credit services, with Elevate’s Blueprint™ platform offering personal lines of credit at APRs below 24%. Elevate will also invest equity in Swell, aiming to meet growing demand for flexible banking solutions. Central Pacific Bank leverages Elevate's tech to enhance its Banking as a Service (BaaS) initiative following its successful digital checking account launch.
Positive
Collaboration with Central Pacific Financial Corp. for expansion into mainland U.S.
Swell's banking app will integrate checking and credit services.
Personal lines of credit offered at APRs below 24%.
Elevate making an equity investment in Swell to enhance growth.
Negative
None.
FORT WORTH, Texas--(BUSINESS WIRE)--
Elevate Credit, Inc. (NYSE: ELVT) (“Elevate” or “Company”), a leading tech-enabled provider of innovative and responsible online credit solutions for consumers, today announced that it is working with Central Pacific Financial Corp. (NYSE: CPF), parent company of Central Pacific Bank (the "Bank"), as the Bank seeks to expand its presence beyond Hawaii and into the mainland U.S through Swell, a newly launched fintech company. Swell will launch a consumer banking app that combines checking, credit and more into one integrated account, with the Bank serving as the bank sponsor. The Elevate Blueprint™ platform will embed into Swell’s broader fintech platform to enable the Bank to offer personal lines of credit through Swell at APR’s below 24%. Additionally, Elevate will be making an equity investment in Swell.
“We appreciate that our technological capabilities and deep understanding of fintech lending resonated with Central Pacific Bank and we are incredibly excited to help them expand this compelling offering across the U.S.,” said Elevate President and CEO, Jason Harvison. “There is strong and growing demand for flexible and responsible banking products, and we pride ourselves on being a resource for banks as they strive to fill evolving consumer needs.”
In addition to its collaboration with Elevate, the Bank is developing a Banking as a Service (BaaS) initiative based on the successful product development and launch strategies used in the Bank’s launch of Shaka, Hawaii’s first all-digital checking account, which launched in November of 2021.
“We are thrilled to begin 2022 with a number of innovative financial services offerings that fill a real need in the marketplace and further our digital first transformation,” said Paul Yonamine, Chairman and CEO of Central Pacific Bank. “By collaborating with leading fintech companies like Elevate, we will be well-positioned to execute on the vision for our BaaS business and expand our offering across the country.”
About Elevate
Elevate (NYSE: ELVT), together with the banks that license its marketing and technology services, has originated $9.5 billion in credit to more than 2.6 million consumers to date. Its responsible, tech-enabled online credit solutions provide immediate relief to customers today and help them build a brighter financial future. The company is committed to rewarding borrowers’ good financial behavior with features like interest rates that can go down over time, free financial training and free credit monitoring. Elevate’s suite of groundbreaking credit products includes RISE, Elastic and Today Card. For more information, please visit http://corporate.elevate.com.
What is the collaboration between Elevate Credit and Central Pacific Financial Corp.?
Elevate Credit is collaborating with Central Pacific Financial Corp. to launch Swell, a fintech company offering a consumer banking app that combines checking and credit services.
What consumer services will the Swell app provide?
The Swell app will provide an integrated account that combines checking, credit, and other financial services.
What are the expected APRs for personal lines of credit offered through Swell?
The personal lines of credit through Swell are expected to have APRs below 24%.
How much has Elevate originated in credit to consumers to date?
Elevate has originated $9.5 billion in credit to more than 2.6 million consumers.
What is Elevate's role in the Banking as a Service initiative?
Elevate is providing its technological capabilities and services to support Central Pacific Bank's Banking as a Service initiative.
