Mission Lane and Plaid expand open finance partnership to offer additional connected solutions to underbanked customers
Expanded partnership will provide additional Plaid capabilities to Mission Lane’s more than 2 million customers, many of whom lack access to traditional financial services.
RICHMOND, Va.–(BUSINESS WIRE)–Purpose-driven fintech Mission Lane today announced it is expanding its partnership with the data network Plaid to bring secure open finance solutions to its two million-plus customers.
The expanded partnership leverages Plaid’s innovative open finance API data connectivity solution, which allows customers to securely connect their Mission Lane branded accounts to more than 7,000 apps and services powered by the Plaid network, such as digital payments and financial planning and investment tools to help them improve their financial outcomes.
Ensuring all consumers have access to modern financial tools has never been more critical. Facing inflation, market volatility and risk of recession, consumers are more reliant than ever on digital financial tools. Plaid’s 2022 Fintech Effect Report found that more than half of Americans (53%) say that their financial stress increased over the past year, and 77% say accessing their finances from anywhere is helping them navigate a challenging economy.
“In today’s world, consumers expect their finances to be seamless and at their fingertips. This is especially true for the many customers we work with who are trying to build or rebuild their financial lives and want to have a full picture of where they stand,” said Shane Holdaway, CEO of Mission Lane. “We are so excited to expand our partnership with Plaid, which will help us serve more consumers and offer a connected, open finance solution across our products.”
“Plaid is excited to expand our partnership with Mission Lane to ensure that even more people will benefit from financial inclusion,” said Eric Sager, COO of Plaid. “The expanded partnership with Mission Lane will help millions of customers securely connect their accounts to the apps and services which will help those customers build the credit they need to lead healthier financial lives.”
Plaid and Mission Lane have a shared vision to advance financial access to all. With the partnership, Mission Lane now utilizes more than 10 Plaid solutions and services to help realize this mission, including:
- Plaid Assets, which enables customers to provide Mission Lane with information that can paint a holistic picture of customers’ financial lives, allowing for better informed credit decisions for those traditionally shut out from financial services.
- Plaid Signal, which leverages over 1K risk factors enabling Mission Lane to reduce ACH return rates and help customers avoid unwanted fees from financial institutions.
In addition to Assets, and Signal, Mission Lane also leverages Plaid’s Investments, Liabilities, Transactions Refresh, Transactions, Auth, Identity and Balance solutions across the various products it services.
To learn more about Mission Lane’s branded offerings, visit missionlane.com.
About Mission Lane
Mission Lane is a purpose-driven fintech that leverages advanced technology, data analytics, and machine learning to provide a dignified customer experience to people who are working hard to build or rebuild their credit and improve their financial lives. Mission Lane strives to offer through its sponsor banks branded products that have terms that are better and easier to understand than many of the alternatives available to people with less-than-perfect credit or limited credit history. The company’s digital self-service tools also make it easier for customers to stay on top of their accounts. And with responsible use, Mission Lane branded products and tools can help them on their journey to improve their credit. To date, over two million consumers have chosen Mission Lane, earning high customer ratings on Credit Karma for their market segment. Mission Lane also offers a debit product, Mission Money, through its issuing banks.
Plaid is a data network that powers the tools millions of people rely on to live a healthier financial life. Plaid works with thousands of companies like Venmo, SoFi, and Betterment, several of the Fortune 500, and many of the largest banks to make it easy for people to connect their financial accounts to more than 7,000 apps and services they want to use. Plaid’s network covers more than 12,000 financial institutions across the US, Canada, UK and Europe. Headquartered in San Francisco, the company was founded in 2013 by Zach Perret and William Hockey.
Kelly Reilly, Plaid
Sarah Levine, Prosek Partners