Fort Worth-based Elevate Credit Inc. announced Wednesday, April 18, an agreement to collaborate with Mastercard to develop a new credit product that aims to expand financial opportunities for the approximately 160 million Americans with low or no credit scores, a news release said.
“A key issue for America’s non-prime population is income volatility,” Elevate CEO Ken Rees said in the release. “Accessing a traditional credit product with real buying power will allow them the opportunity to smooth their financial ups and downs.”
Elevate is working with a bank partner to develop the product, set to launch in 2018, that will include a credit card with on/off functionality, credit score monitoring, and a full service mobile app along with custom purchase and fraud alerts, the release said.
“In January, Mastercard launched the Inclusive Futures project to address the needs of gig and on-demand workers who often juggle multiple jobs, variable paychecks and inconsistent benefits,” Sherri Haymond, exec. VP of Digital Partnerships for Mastercard, said in the release. “By aligning with companies such as Elevate, we can create digital products and services to help manage finances and speed payments, making lives easier and safer for one-third of the U.S. workforce.”
Bank Products general manager Jason Goldberg said that through the Elevate and Mastercard collaboration, the companies hope to “bring a prime customer experience to millions of people in the non-prime market, including many credit card features traditionally reserved for those with very high credit scores.”