Digital consumer credit firm Elevate Credit is collaborating with Central Pacific Bank to launch Swell, a new FinTech company, according to a press release on Thursday (Jan. 27).
Swell will offer a consumer banking app that integrates checking, credit, and other services, backed by Central Pacific Bank. Elevate Blueprint will embed with Swell’s platform so the bank can extend personal credit lines at APR’s lower than 24%. Elevate is also planning an equity investment in Swell.
The collaboration with Elevate Credit will help Central Pacific Bank grow its footprint beyond its home state of Hawaii and into more locations across the U.S.
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“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 U.S.,” said Elevate President and CEO Jason Harvison.
“There is 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,” Harvison added.
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A Banking as a Service (BaaS) initiative is also in development by Central Pacific Bank following its November 2021 launch of Shaka, Hawaii’s first all-digital checking account. The bank plans to base its product and roll out strategies based on its success with Shaka.
Paul Yonamine, Chairman and CEO of Central Pacific Bank said that it kicked off the new year with several financial services products that addressed a marketplace gap and also served to help the bank boost its digital first evolution.
“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,” Yonamine said.
Over 2.6 million people have secured $9.5 billion in credit from Elevate and the banks that license its services. Its product suite includes RISE, Elastic and Today Card.
Central Pacific Bank is a primary subsidiary of Central Pacific Financial Corp. It was founded in 1954 by Japanese American veterans and is publicly traded on the New York Stock Exchange under the ticker symbol CPF.
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