OAKLAND, CA–(BUSINESS WIRE). to build or rebuild their credit scores and improve their financial lives.
The partnership is designed to support Mission Lane’s Credit Builder Account, a new lending product for lenders aimed at putting consumers on the path to building strong credit. When borrowers repay the loan, which is deposited into a secured savings account, they can build a positive credit history while increasing their savings.
For decades, inflexible lending technology has slowed the pace of innovation in financial services, resulting in limited choices for borrowers. Peach’s novel lending technology platform turns this construct on its head by enabling any lender to be an innovator – from corporate financial institutions to fintech startups. Peach will provide Mission Lane with a credit management system, a fully integrated suite of service tools and a compliance monitoring system, Compliance Guard™. Peach’s flexible infrastructure will enable Mission Lane to rapidly launch and scale the Credit Builder account and future new credit products.
“At Mission Lane, we are focused on serving clients who do not have direct access to quality financial products from traditional financial institutions,” said Shane Holdaway, Mission Lane CEO. “We have an extensive roadmap of innovative products to support these consumers, which means the robustness and reliability of our lending infrastructure is critical to our long-term success.”
According to Holdaway, innovative products such as those offered by Mission Lane require a software platform that is flexible and modern enough to support novel designs and configurations.
“Legacy technology solutions were built for yesterday’s lending programs and are not designed to serve all types of consumers. As we bring innovative products like the Credit Builder Account to market, our partnership with Peach will help us continue to build on an all-in-one platform that can support modern and innovative lending approaches and scale with us.”
Eddie Oistacher, Peach Co-Founder and CEO added, “Mission Lane is a progressive lender doing innovative and important work to expand access to finance for underserved consumers. They quickly scaled their credit card product to an enterprise level and we look forward to working with them as they scale additional credit products to support their mission.”
Peach is designed to be the first lending technology platform that is both compliance-focused and fully configurable. The platform is out-of-the-box, allowing lenders to quickly bring new products to market, and is also highly configurable, allowing it to grow with lenders as they scale and adapt to market needs.
“With a dozen asset classes supported and over 200 variables to configure, Peach can support almost any lender, whether they offer a single loan product or many,” Oistacher continued. “Mission Lane is a great example of a forward-thinking lender making heavy use of the Peach platform, in line with our mission to bring better products to borrowers through innovative lending.”
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 developed by executives from top fintechs like Affirm, Avant, and Prosper who set out to create the most configurable, robust, future-proof, and future-proof lending platform on the market. In September 2021, Peach raised a $20 million Series A. Learn more at peachfinance.com.
About Mission Lane
Mission Lane is a purpose-driven financial services company that uses advanced technology, data analytics and machine learning to provide a dignified customer experience for people working hard to build or rebuild their credit scores and improve their financial lives. Mission Lane credit cards have terms and conditions that are better and easier to understand than most alternatives available to people with less than impeccable credit or limited credit histories. The company’s digital self-service tools also make it easier for customers to keep track of their accounts and further help them successfully improve their credit scores. To date, the company has issued over one million of its best-in-class mobile-first credit cards and has received top customer ratings for its market segment on CreditKarma. Mission Lane was founded in December 2018 as an independent company. It previously operated as the credit card division of LendUp.