Synapse Credit Hub is a full-stack platform that allows fintech companies and neo-banks to make credit products easier and smarter for everyday Americans
Synapse, a banking-as-a-service platform built to increase access to best-in-class financial products, introduced the Synapse Credit Hub, a full-stack API platform built to support innovative credit solutions for individuals and businesses, leveraging the Mastercard network. With the Synapse Credit Hub platform, companies can now for the first time quickly offer a comprehensive suite of products including card issuance, credit-building tools, accounts, cashback rewards, and more.
The Synapse Credit Hub supports a new class of flexible, personalized accounts, cash advances and lines of credit for businesses, and increases access to credit-building and borrowing services for end-users. The Synapse platform also gives companies the ability to go to market in as little as six weeks with “out-of-the-box” access to multiple bank partnerships; a full suite of KYC and card issuance features; and a full stack of payment tools including ACH, checks, wires, bill pay, and card processing.
“Until now, nobody could provide a comprehensive solution that enables the developer to go live with a feature rich credit product in just weeks,” said Sankaet Pathak, CEO of Synapse. “We created Synapse to democratize and drive innovation in fintech, and our Credit Hub operates alongside our deposit products to provide a full-featured digital banking experience. Now developers can bring credit products faster to market and iterate on Synapse’s interface and intelligence to make credit products easier and smarter for everyday Americans.”
The Synapse Credit Hub is enabling access to extended credit via a card, which will feature World Elite Mastercard benefits, advanced security features, contactless payments, and more. Synapse’s Credit Hub loans will be issued by Synapse Credit LLC, Synapse’s lending subsidiary.
“Today’s digital world requires modern payments solutions, and Synapse shares our vision of simplifying financial services to create more value for consumers and businesses alike,” said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard.
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The various types of credit accounts offer different services, such as Buy Now Pay Later, Spend Card, Credit Builder or a simple credit card. Types of use cases immediately available include:
- Credit Card – Issue a secured or unsecured revolving loan and a card to unlock a traditional credit card experience for customers.
- Spend Card – Enable cardholders to enjoy flexible credit limits based on the cash on hand, spend on a credit BIN for cashback rewards, or build credit.
- Buy Now Pay Later – Issue one time loans to your customers to enable online or in-person shopping. Either disburse the loan via a card issued by you or in an external account via ACH or Push to Card.
- Credit Builder – Issue one-time or revolving loans to enable customers to build credit.
The Credit Hub builds on Synapse’s Deposit Hub, which makes it faster and easier for fintech companies to launch and scale foundational financial products to their customers. The company has raised $50 million to date, led by Andreessen Horowitz, Trinity Ventures, and Core Innovation Capital.
