Exploring new pathways in the financial technology sector, Synctera and LoanPro have joined forces to create a platform designed to enable companies to efficiently launch and manage banking and credit card products. This partnership seizes the opportunity to cater to diverse customer needs and aims to provide a strong foothold in an increasingly competitive market. Bringing together expertise from both platforms, businesses now have the chance to harness a more unified financial product development experience.
In past collaborative efforts, Synctera has focused on providing solid infrastructure for financial applications, while LoanPro has excelled in lending solutions. Their joint venture now integrates the two areas, promising a comprehensive platform that attends to both deposit handling and credit services. This combination marks a step away from isolated systems to a more cohesive approach in financial services.
What Does the Partnership Entail?
Synctera’s partnership with LoanPro effectively consolidates banking, payments, and credit offerings into a streamlined platform. Companies can leverage this integration to develop both deposit and credit products through a unified set of APIs. This collaboration proposes to simplify complex workflows by unifying end-user data into a singular ledger, managing compliance seamlessly, and offering transparency to sponsor banks across various financial operations.
How Will the Platform Benefit Users?
The joint platform soon intends to expand its capabilities to include customizable credit card products. Companies will be able to design products with adjustable spend controls, varied interest rates, and bespoke user experiences. This extension aims to render financial innovation more accessible, bypassing traditional constraints associated with product development in the banking sector.
Ellen Linardi of Synctera remarks on the broader scope of financial innovation, stating,
“Financial innovation doesn’t stop at deposit and debit products.”
This suggests an ongoing commitment to advancing their offerings beyond the foundational banking products.
Notably, LoanPro CEO Rhett Roberts highlights the regulatory expertise brought by Synctera, elucidating,
“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.”
Such a move aims to balance innovative solutions with regulatory compliance, an essential facet of modern financial services.
Amidst this cooperation, Synctera’s recent fundraising of $15 million emphasizes strategic growth, enhancing its ability to tackle evolving industry demands. Synctera Co-Founder Peter Hazlehurst emphasizes the significance of this funding as a commitment to scalable growth and customer satisfaction, highlighting the synergy between investment and development.
By fostering integrations like these, Synctera and LoanPro reinforce their mutual focus on innovation and efficiency in financial services. Users can anticipate more personalized, secure, and well-regulated credit products aligned with contemporary banking and financial trends.
