Credit Sesame’s banking service uses i2c payments platform
Credit Sesame, the California-based credit and loan finder, has chosen payments solution provider i2c to power its digital banking service, Sesame Cash.
Sesame Cash, launched in March this year, uses the insights it has gathered on users’ banking habits to promote healthy credit behaviours and good cash management.
The US start-up says more than 200,000 users have opened a Sesame Cash since mid-May, with thousands of new accounts being opened each day.
Silicon Valley-headquartered i2c offers payment solutions based around credit, debit, prepaid and lending. Evolve Bank & Trust, challenger Stack (which Credit Sesame bought earlier this month) and Australia Post, all use i2c’s services.
Sesame Cash will use i2c’s platform to set and control all its card, banking and payments programmes.
The fintech wants to offer a smart bill pay service, savings round-up of transactions to save or pay down debt, reward programmes and credit-building features.
Other features will include early paydays, direct deposits, the ability to freeze or unfreeze the debit card in-app, and virtual card integration with “most major mobile wallets”, the fintech has said.
“As we expand our services to help more consumers across the globe work towards financial wellness, we’re looking forward to leveraging i2c’s payment processing and customer-centric platform to help us seamlessly launch anywhere,” Credit Sesame’s general manager for digital banking products, Nicolas Dinh, says in a statement.
Founded in 2010, Credit Sesame claims to monitor more than $35 billion in loans. Its business model gives its members free access to credit score monitoring, credit reports, and identity protection tools, as well as recommendations regarding a variety of loan types.
The start-up raised $43 million through an IPO in September 2019, with CEO and founder, Adrian Nazari, stating at the time it had “no plans” to look at mergers and acquisitions. Fast-forward to June 2020, and the fintech bought up Canadian challenger Stack.