Elevate Credit (Elevate), a tech-enabled consumer credit platform has joined forces with Central Pacific Financial Corp., the parent of Central Pacific Bank, to launch a fintech company, called Swell.
Central Pacific Bank, which eyes expansion in the mainland US, will act as a bank sponsor for Swell.
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The new fintech will launch a consumer banking app that will offer checking, credit and other services through one integrated account.
Elevate will embed its Elevate Blueprint platform in Swell’s broader fintech platform to allow Central Pacific Bank to offer personal lines of credit via Swell.
Additionally, Elevate, which has offered $9.5bn in credit to over 2.6 million customers to date, will make an equity investment in Swell.
Elevate president and CEO Jason Harvison said: “We appreciate that our technological capabilities and deep understanding of fintech lending resonated with Central Pacific Bank and we are incredibly excited to help them expand this compelling offering across the US.
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By GlobalData“There is a strong and growing demand for flexible and responsible banking products, and we pride ourselves on being a resource for banks as they strive to fill evolving consumer needs.”
Central Pacific Bank is also developing a banking-as-a-service (BaaS) offering after launching Hawaii’s first all-digital checking account, called Shaka in November 2021.
Central Pacific Bank chairman and CEO Paul Yonamine said: “We are thrilled to begin 2022 with a number of innovative financial services offerings that fill a real need in the marketplace and further our digital-first transformation.
“By collaborating with leading fintech companies like Elevate, we will be well-positioned to execute on the vision for our BaaS business and expand our offering across the country.”
