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Credibly partners with Green Dot for SMB banking solutions

Wednesday 27 September 2023 14:00 CET | News

Fintech lending platform for SMBs Credibly has announced a partnership with US-based Green Dot to expand its small business financial products suite with banking solutions.

 

Per the announcement information, Green Dot enables Credibly to add business checking to its expanding suite of products and services designed to serve and empower small businesses.

Banking solutions for SMBs and Credibly – Green Dot partnership details

Powered by Green Dot’s Banking-as-a-Service (BaaS) platform, Credibly Business Banking is set to provide small business owners with an increasingly simplified banking experience while addressing some of their most prominent challenges with quick and easy account setup, improved cash flow management, and expedited access to capital. 

Credibly officials said that as the demand for simplified, accessible, and intuitive financial tools for businesses continues to increase, the collaboration with Green Dot enables them to add small business banking to complement lending solutions. Per their statement, with a business checking account, customers are to be provided with expedited and simplified access to the cash, credit, and capital needed to run and grow their business.

The announcement details that within the US, new business ventures are surging, with five million applications to start new businesses in 2022, up 42% from pre-pandemic levels in 2019, as per Census Bureau data. However, more than three-quarters of small business owners express concern towards their ability to access capital, according to Goldman Sachs’ 10,000 Small Businesses Voices  initiative, showcased by the fact that 70% of small business owners without a business bank account are rejected for loans.

Credibly partners with Green Dot

With these challenges in mind, Green Dot and Credibly are partnering to design business bank accounts, empowering them to access the needed capital more easily. The new accounts are set to feature online mobile banking with full customer service support, quick account setup, no fees for eligible deposits, overdraft protection, and a nationwide ATM network to access their money from anywhere.

When commenting on the news, Green Dot officials advised that small businesses are a critical engine for economic growth, and the company looks to provide them with the power to bank in a simple, affordable, and confident way. More to this point, they expressed excitement towards the collaboration with Credibly, saying that they are set to offer entrepreneurs solutions that save them time and give them easier access to the tools and capital needed to grow their businesses.

Green Dot is positioned to enable Credibly to provide small business customers with a quality business banking experience through its scalable and configurable BaaS platform, dedicated customer support teams, and extensive experience building embedded finance offerings.

The press release further highlights that the Credibly Business Checking offering is one of the multiple new product launches on the company’s roadmap, and as the company continues to grow its product suite, its focus remains on further refining its data science capabilities to serve a broader range of SMB customers throughout the credit spectrum, while emphasising risk management and compliance. 

From 2010 onwards, Credibly’s mission has been to provide the tools and resources SMBs need, and the new business banking offering particularly is set to enable them to support small business owners who have been unable to receive lending without having an existing business bank account.


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Keywords: partnership, banking, fintech, BaaS, embedded finance, financial services, SMEs, lending
Categories: Banking & Fintech
Companies: Credibly, Green Dot
Countries: United States
This article is part of category

Banking & Fintech

Credibly

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Green Dot

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