SANTA MONICA, Calif.--(BUSINESS WIRE)--Grow Credit Inc., a financial inclusion startup dedicated to helping people raise their credit scores for free, has entered into a strategic and brand partnership agreement with Mastercard. The partnership will enable Grow to operate on the Mastercard network to deliver Mastercard-branded virtual cards to consumers. Additionally, the strong ties with a recognizable worldwide financial institution enable Grow to build a trusting relationship with its core audience while also fostering brand loyalty as the company accelerates its nationwide growth initiatives.
Grow’s platform enables consumers to build credit at no cost by allowing users to manage all their subscriptions in one central location and ensuring that payments for those services are paid on-time and in-full each month. This first of its kind mobile app is powered by the Grow Credit Mastercard, a virtual card specifically designed to process only payments from qualified subscription-based companies for services, including video and music streaming and monthly plans from leading cell phone providers.
"We are thrilled to be partnering with Mastercard to expand our platform nationwide on a trusted card network,” said Joe Bayen, CEO and founder at Grow Credit. “The level of support we are receiving at all stages, including growth, is beyond our expectations. Mastercard has enabled Grow to deliver the first solution to help consumers establish or build credit for free using their favorite subscriptions. The positive credit score boost is already helping thousands of consumers to benefit from cheaper costs of financing on a variety of financial products, including car leases or purchases, and mortgages.”
Grow Credit accounts are repaid in full monthly via electronic (ACH) payment from a linked bank account. Grow then reports the on-time payments to the three major credit reporting agencies, allowing its customers to demonstrate positive repayment history and build credit. The company also offers paid premium plans that allow for a larger card limit and additional features.
Grow Credit’s mission is to equip consumers, particularly those who are un- or underbanked, with financial tools and solutions to enable and improve their financial wellbeing. With technology and support from Mastercard, the company plans to offer additional products that best meet the needs of Grow’s customer base, as well as support nationwide expansion.
The Grow Credit mobile application is currently available on Apple’s iOS and Google’s Android devices. Find out more about Grow Credit at www.GrowCredit.com
About Grow Credit Inc, www.GrowCredit.com.
Grow Credit’s innovative credit building service lowers the barrier of entry for millions of Americans who need to establish and build credit. Combining a small-dollar loan with a virtual Mastercard, the service manages subscription payments, such as Netflix, and reports loan balances to the credit bureaus. The Mastercard is issued through Sutton Bank and is exclusively designed to pay subscription payments. The company is based in Santa Monica and was founded in 2018 by financial industry veterans.