OAKLAND, Calif.--(BUSINESS WIRE)--Peach Finance, a modern and configurable lending technology platform that helps lenders efficiently launch, grow and scale new lending products, today announced a partnership with Mission Lane, a purpose-driven financial technology company that provides better products and experiences for people trying to build or rebuild their credit and improve their financial lives.
The partnership is designed to power Mission Lane’s Credit Builder Account, a new credit builder loan product aimed at setting consumers on the path to establishing strong credit. As borrowers pay off the loan that is deposited into a secured savings account, they can build positive credit history while adding to their savings.
For decades, inflexible lending technology has slowed the pace of innovation within financial services, leading to limited choices for borrowers. Peach’s novel lending technology platform upends this construct by making it possible for every lender to be an innovator—from enterprise financial institutions to fintech startups. Peach will provide Mission Lane with a loan management system, a fully integrated suite of servicing tools and a compliance monitoring system, Compliance Guard™. Through Peach’s flexible infrastructure, Mission Lane will be able to quickly launch and scale the Credit Builder Account and future new lending products.
“At Mission Lane, we’re focused on serving consumers who don’t have ready access to quality financial products from traditional financial institutions,” said Mission Lane CEO Shane Holdaway. “We have an extensive roadmap of innovative products to support these consumers, which means that the robustness and dependability of our lending infrastructure is critical to our long-term success.”
According to Holdaway, innovative products like those offered by Mission Lane require a software platform that’s flexible and modern enough to support novel constructs and configurations.
“Legacy technology solutions were built for yesterday’s lending programs, and aren’t designed to serve all types of consumers. As we launch innovative products like the Credit Builder Account, our partnership with Peach will help us continue to build on an all-in-one platform that can support modern and innovative approaches to lending, and can scale with us.”
Eddie Oistacher, Co-Founder and CEO of Peach, added: “Mission Lane is a sophisticated lender doing innovative and important work to expand financial access for underserved consumers. They have quickly grown their credit card product to enterprise scale, and we’re excited to partner with them as they scale additional lending products in support of their mission.”
Peach is designed to be the first lending technology platform that is both compliance-first and fully configurable. The platform is highly functional out of the box, so that lenders can rapidly launch new products, and it’s also highly configurable, so that it can grow with lenders as they scale and adapt to market demands.
“With a dozen supported asset classes and over 200+ variables to configure, Peach can support almost any lender, whether they offer a single lending product or many,” continued Oistacher. “Mission Lane is a great example of a forward-thinking lender that is making great use of the Peach platform, aligned with our mission of offering better products to borrowers through lending innovation.”
About Peach
Peach is a leading lending technology platform that enables fintechs and traditional financial institutions to quickly launch new lending programs. The company’s fully integrated suite of API-based products includes a loan management system with 200+ configuration variables, agent and borrower portals, payment processing, communications, reporting, first-party collections tools, and Compliance Guard™. Peach was built by leaders from top fintechs like Affirm, Avant and Prosper, who set out to create the most configurable, robust, compliance-forward and future-proof lending platform in the market. In September 2021, Peach raised a $20M Series A. Learn more at peachfinance.com.
About Mission Lane
Mission Lane is a purpose-driven financial services company 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's credit cards have terms that are better and easier to understand than most of the alternatives available to people with less-than-pristine 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, further helping them succeed in improving their credit scores. To date, the company has issued over a million of their best-in-class, mobile-first credit cards, earning top customer ratings on CreditKarma for their market segment. Mission Lane was established as a standalone company in December 2018. It had previously operated as the credit card division of LendUp.
