Banking-as-a-service (BaaS) platform Synapse has introduced a full-stack API platform called Credit Hub.
The company introduced the new offering leveraging the Mastercard network.
Go deeper with GlobalData
Credit Hub will enable fintech companies and neo-banks to offer a suite of products including credit-building tools, accounts and cashback rewards among others.
It will support various types of credit accounts for different services. The types of use cases that are immediately available are Buy Now Pay Later, Spend Card, Credit Builder or a Credit card.
The platform will also help in expediting the time to market for the companies.
Synapse CEO Sankaet Pathak said: “Until now, nobody could provide a comprehensive solution that enables the developer to go live with a feature rich credit product in just weeks.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“We created Synapse to democratise 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.”
Mastercard Digital Partnerships executive vice-president Sherri Haymond said: “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.”
Founded in 2014, Synapse BaaS platform offers payment, card issuance, deposit, lending, compliance, credit and investment products as APIs.
In 2019, the company raised $33m in a Series B funding round.
