Looking to expand into mainland US, Central Pacific Financial Corp. (NYSE: CPF), parent company of Central Pacific Bank (the “Bank”), has partnered with Elevate Credit, Inc. (NYSE: ELVT) (“Elevate” or “Company”), a tech-enabled provider of innovative and responsible online credit solutions for consumers. Expanding through Swell, a newly formed fintech company, the new partners are looking to start the next part of their growth plan as the company is fully established in Hawaii.
Swell will launch a consumer banking app that combines checking, credit and more into one integrated account, with the Bank serving as the bank sponsor. The Elevate Blueprint platform will embed into Swell’s broader fintech platform to enable the Bank to offer personal lines of credit through Swell at APR’s below 24 per cent. Additionally, Elevate will be making an equity investment in Swell.
“We appreciate that our technological capabilities and deep understanding of fintech lending resonated with Central Pacific Bank and we are incredibly excited to help them expand this compelling offering across the US,” said Elevate President and CEO, Jason Harvison. “There is a strong and growing demand for flexible and responsible banking products, and we pride ourselves on being a resource for banks as they strive to fill evolving consumer needs.”
In addition to its collaboration with Elevate, the Bank is developing a Banking as a Service (BaaS) initiative based on the successful product development and launch strategies used in the Bank’s launch of Shaka, Hawaii’s first all-digital checking account, which launched in November of 2021.
“We are thrilled to begin 2022 with a number of innovative financial services offerings that fill a real need in the marketplace and further our digital first transformation,” said Paul Yonamine, Chairman and CEO of Central Pacific Bank. “By collaborating with leading fintech companies like Elevate, we will be well-positioned to execute on the vision for our BaaS business and expand our offering across the country.”