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NewProducts
NewProducts

Virtual card + SaaS to help

consumers build credit

Value-added resource for ISOs, ISVs
Grow Credit also wants to work with a variety of SaaS ser-
vice providers, financial institutions and merchant acquir-
ers to drive financial inclusion in communities. The Grow
Credit platform can significantly reduce employee turn-
over while improving individual credit scores and offer-
ing exclusive discounts on popular subscription services,
row Credit, a black-owned financial inclusion Bayan stated.
platform, partnered with Mastercard to help
underserved consumers leverage subscription "Grow Credit users have boosted credit scores by an aver-
G payment histories to build credit on Equifax, age of 51 points over a 12-month period," Bayen said. "This
Transunion and Experian. The service lowers barriers to includes users who came into the program with no credit
entry with a Mastercard product issued by Sutton Bank whatsoever and were able to achieve credit scores ranging
exclusively designed for subscription payments, the com- from 620 to 720, after nine months of consistent bill pay-
pany stated. ments."
Joe Bayen, CEO and founder at Grow Credit, described the Long-term, sustainable growth
company as a financial inclusion platform. "We help con-
sumers establish credit, using a Mastercard that is restrict- Bayen mentioned that Grow Credit has grown its monthly
ed to only paying subscriptions, such as Netflix, Hulu and revenues by 2,000 percent since it launched its platform
mobile phone carriers," he said. "The limited usage Master- in November 2020, and in September 2021, it completed a
card reports on-time payments to the credit bureaus and $106.3 million seed round, with $6.3 million in equity fi-
acts like a regular charge card with balances that can be nancing from multiple investors and $100 million in debt
paid in full every month." financing from Arena Investors LP. The company will use
these funds and a strategic investment by BillGO to lever-
Credit-building tool for consumers age the BillGO platform and biller network to enhance
product offerings and promote consumer financial health,
Bayen noted that Grow Credit accounts are structured as he added.
installment loans accessed
through a Grow Credit Mastercard. The virtual card pro- Committed to financial literacy, Grow Credit provides
cesses subscription payments from qualified SaaS-based weekly financial education content to its user base. The firm
companies, he stated, adding that consumers can easily has also deployed an employee benefit initiative and part-
apply to the program through the company's iOS and An- nered with College Hunks Moving, a $150 million revenue
droid apps or on the company's website. private equity-backed company, which offer Grow Credit to
its employees as a recruitment and retention tool.
Once approved, users can update their payment method at
existing subscription providers and join a new service using Bayen thanked College Hunks Moving, former NBA star
the card as their payment method, Bayen said. When Grow Baron Davis and NFL Hall of Famer Ronnie Lott for invest-
Credit accounts are repaid in full monthly via electronic ing in Grow Credit, stating they will help increase aware-
(ACH) payment from a linked bank account, the company ness of the company's financial inclusion platform that
will then report users' Grow repayments to TransUnion, caters to consumers with no credit or thin credit files. "Ac-
Experian, and Equifax, giving customers an opportunity to cording to Experian, there are over 100 million consumers
demonstrate positive repayment history and build credit. with no credit," Bayen said. "Grow Credit is helping thou-
sands of people, and we're fortunate that Mastercard joined
Bayan stated that Grow Credit customers in need of basic us as a strategic partner to further validate the model."
credit can choose a freemium business model, and paid
subscription plans are available for consumers who are
planning to buy higher ticket items, such as auto and home
purchases. Tiered pricing plans are all available on Grow Company: Grow Credit
Credit's website, he added. Product: Grow Credit
Website: www.growcredit.com
Contact: partnerships@growcredit.com

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