FORT WORTH, Texas--(BUSINESS WIRE)--Elevate Credit, Inc. (“Elevate”), a leading tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers, today announced an agreement to collaborate with Mastercard on the development of a new credit product to expand financial opportunities for the approximately 160 million Americans with low or no credit scores.
Elevate is committed to advancing growth and economic opportunity for these households that it has dubbed the “New Middle Class.”
“A key issue for America’s non-prime population is income volatility,” said Ken Rees, CEO of Elevate. “Accessing a traditional credit product with real buying power will allow them the opportunity to smooth their financial ups and downs.”
Set to launch in 2018, Elevate is working with a bank partner to develop this first-of-its-kind credit card product that will feature a credit card with on/off functionality, credit score monitoring and a full service mobile app along with custom purchase and fraud alerts.
“In January, Mastercard launched the Inclusive Futures project to address the needs of gig and on-demand workers who often juggle multiple jobs, variable paychecks and inconsistent benefits. By aligning with companies such as Elevate, we can create digital products and services to help manage finances and speed payments, making lives easier and safer for one-third of the U.S. workforce,” said Sherri Haymond, executive vice president of Digital Partnerships for Mastercard.
This new product developed by Elevate will use advanced data analytics that go beyond credit scores.
“Elevate is rooted in a culture of innovative customer service and is truly committed to financial inclusion. Through this alliance, we hope to bring a prime customer experience to millions of people in the non-prime market, including many credit card features traditionally reserved for those with very high credit scores,” said Jason Goldberg, General Manager Bank Products.
Elevate (NYSE: ELVT) has originated $5.2 billion in credit to more than 1.9 million non-prime consumers to date and has saved its customers more than $3 billion versus the cost of payday loans. Its responsible, tech-enabled online credit solutions provide immediate relief to customers today and help them build a brighter financial future. The company is committed to rewarding borrowers’ good financial behavior with features like interest rates that can go down over time, free financial training and free credit monitoring. Elevate’s suite of groundbreaking credit products includes RISE, Elastic and Sunny. For more information, please visit http://www.elevate.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as "may," "will," "might," "expect," "believe," "anticipate," "could," "would," "estimate," "continue," "pursue," or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company's expectations, goals or intentions regarding future performance. In addition, forward-looking statements in this press release include statements regarding: the Company’s expectations regarding the collaboration with Mastercard and launching in 2018 a first-of-its-kind credit card product that will feature a credit card with on/off functionality, credit score monitoring and a full service mobile app along with custom purchase and fraud alerts. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. These risks and uncertainties include, but are not limited to: the Company’s limited operating history in an evolving industry; new laws and regulations in the consumer lending industry in many jurisdictions that could restrict the consumer lending products and services the Company offers, impose additional compliance costs on the Company, render the Company’s current operations unprofitable or even prohibit the Company’s current operations; scrutiny by regulators and payment processors of certain online lenders’ access to the Automated Clearing House system to disburse and collect loan proceeds and repayments; a lack of sufficient debt financing at acceptable prices or disruptions in the credit markets; the impact of competition in our industry and innovation by our competitors; our ability to prevent security breaches, disruption in service and comparable events that could compromise the personal and confidential information held in our data systems, reduce the attractiveness of our platform or adversely impact our ability to service loans; and other risks related to litigation, compliance and regulation. Additional factors that could cause actual results to differ are discussed under the heading "Risk Factors" and in other sections of the most recent Annual Report on Form 10-K and in the Company's current and periodic reports filed from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.