Partnering with LoanPro to Deliver an End-to-End Solution for Building Banking and Credit Cards

Prior to joining Synctera, I led product and design at Clover where I saw firsthand how businesses thrive when their operating tools seamlessly work together. 

While Clover initially focused on allowing businesses to accept card payments, we found that the more we unified our product stack across all areas of business operations, the more value we unlocked. We eliminated the need for these businesses to spend countless hours piecing together data from different systems just to get an understanding of their business. 

In my role as Synctera’s Chief Product & Engineering Officer, I’m applying the same approach to our banking and payments platform. 

We strive to be the centralized platform for all financial ecosystem components, customer data, and operational workflows, but we know one size doesn’t fit all. Innovative companies need flexibility to create banking products tailored to unique needs, whether that’s nonprofits, international students, or other specialized verticals.

That’s why we’re excited to announce our partnership with LoanPro, a best-in-class lending and credit platform that’s trusted by hundreds of financial organizations and the backbone behind billions of dollars in loan volume annually. Together, we are providing a unified platform that equips companies with everything they need to launch both banking and credit card products while retaining the flexibility to tailor the experience to their unique customer needs.

For companies that want to offer both deposit and credit products, they’ve previously been forced to go down one of two routes:

1. Patchwork build: Piece together an entire ecosystem from 20+ vendors, resulting in a costly build process, a fragmented operational experience, and data scattered across vendors. 
2. Boxed-in banking: Use out of the box solutions that lock you into the vendor’s approach, limiting your ability to create a tailored experience or embed the offering seamlessly into your existing product set. 

Through our partnership with LoanPro, we’ve integrated their scalable credit underwriting and loan servicing technology directly into the Synctera Platform. This provides an end-to-end solution that still offers complete flexibility, enabling companies to:

• Accelerate speed to market by building both banking and credit card products using a single set of APIs
• Unify all end-user data for both deposit and credit products into a single ledger
• Start by offering just a credit card product with an easy path to add on banking 
• Improve operational efficiency by managing all compliance and operational workflows, such as credit decisioning and loan servicing, from the Synctera Console
• Equip their sponsor bank with complete visibility into the entire program lifecycle

LoanPro’s proven infrastructure and shared commitment to both innovation and compliance made them the ideal partner. 

“From day one, LoanPro has built credit infrastructure that balances flexibility with rigorous compliance. 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 customer’s unique needs, while maintaining the highest standards of oversight and security.” - Rhett Roberts, CEO and Co-Founder of LoanPro.

As credit card usage continues to grow year over year, we’re seeing more FinTechs and SaaS platforms, such as Shopify and Robinhood, extend their product set to make credit cards more accessible and valuable to their customers. By leveraging their unique customer insights and existing product set, our clients will soon be able to offer credit card product with:

• Flexible spend controls, fees, per-category interest rates, and more
• Rewards tailored specifically to their business or lifestyle
• Ability to embed and customize the entire user experience

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 infrastructure and tools built for modern FinTech and embedded finance products.