Synctera and LoanPro have announced a strategic partnership designed to assist companies in launching banking and credit products tailored to their customers’ needs. This collaboration merges Synctera’s banking and payments platform with LoanPro’s lending and credit infrastructure, providing a comprehensive solution for financial service providers.
In a blog post dated September 3, 2023, Synctera’s Chief Product and Technology Officer, Ellen Linardi, detailed how the integration of LoanPro’s scalable credit underwriting and loan servicing technology into the Synctera platform creates a unified system. This platform enables companies to offer both deposit and credit products using a single set of application programming interfaces (APIs).
The new solution consolidates end-user data into a single ledger, facilitating management of compliance and operational workflows through the Synctera Console. It also ensures that sponsor banks have complete visibility into the entire program lifecycle. According to the post, the platform will soon support the launch of credit card products featuring flexible spend controls, tiered fees, per-category interest rates, rewards, and a customized user experience.
Linardi emphasized the importance of financial innovation beyond traditional 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,” she stated.
LoanPro’s CEO and Co-Founder, Rhett Roberts, highlighted the flexibility and compliance that their credit infrastructure offers. “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,” Roberts noted.
In March 2023, Synctera secured $15 million in new funding, which will support the company’s growth and enhance its capacity to meet complex customer requirements. Peter Hazlehurst, Co-Founder and CEO of Synctera, remarked at the time, “This is a vote of confidence that enables us to continue to drive scalable growth and excellence for our customers and community of banks.”
The partnership between Synctera and LoanPro marks a significant step in the evolution of banking technology, providing companies with the tools necessary to meet the diverse financial needs of their clients. As the financial landscape continues to evolve, such collaborations are likely to play a crucial role in shaping the future of financial services.