Newt partners with Element Bank

Under the terms of the agreement, Newt’s subsidiary jointly with Element Bank will issue branded credit and debit cards to every employee who downloads and signs on to Newt’s Lending-as-a-Service (LaaS) application, white labelled by their employer. The credit program cards link directly to a mobile wallet within the mobile application, allowing employees to make payments with the card, pay bills, receive payroll advances, and access credit for purchasing products online and in stores, all while developing their credit score.

Newt intends to provide access to more competitive credit offerings with reduced fees to employees on their mobile phones, targeting the unbanked market. Newt’s objective is to use agile, easy to use, resilient tech architecture, and to provide access to competitive credit and financial services on its platform to users that may be traditionally unbanked, helping them establish credit and access the digital economy, while working with employers to benefit their employees’ financial wellbeing.

Element Bank is Mexico-based customer-centric global financial services company. It has a direct connection with Banco de Mexico (Central Bank of Mexico) to operate the digital multi banking payment processing in the country as well as integrated systems for AML, KYC, and anti-fraud systems.