Credit Sesame announced the acquisition of Canadian challenger bank Stack, a company that partnered with Credit Sesame in 2019 to create the Sesame Cash digital banking service.
Credit Sesame started to roll out Sesame Cash to a limited set of customers in March and following a two-month pilot period, expanded the service into general availability in May.
“Together with Stack, we are combining the power of smart banking and AI-driven credit management to create a new kind of personal finance,” Adrian Nazari, founder and CEO of Credit Sesame said in the announcement. “How much cash you have, and how and when you use your cash, have a big impact on your credit. Adding cash management to our credit platform was a natural step to better help consumers manage their overall financial health, and it creates a unique benefit for our consumers and financial partners.”
The acquisition is the first step in a planned international expansion, as Credit Sesame will integrate its credit services into the Stack digital banking service for Canadian consumers.
Miro Pavletic, former CEO of Stack, is now general manager of Canadian and international business. Former COO Nicolas Dinh is now general manager, digital banking business and CPO Ranjit Sarai is vice president, digital banking products.