Elevate to Collaborate with Mastercard on Credit Card Product for the ‘New Middle Class’
April 18 2018 - 8:30AM
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.
About Elevate
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.
Forward-Looking Statements
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20180418005250/en/
Investor Relations:Solebury CommunicationsSloan Bohlen,
817-928-1646investors@elevate.comorMedia
Inquiries:VestedIshviene Arora,
917-765-8720elevate@fullyvested.com
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