Green Dot, a US-based pro-consumer financial technology innovator, has introduced a new online marketplace, Green Dot Money, which will help low and moderate income consumers connect with third party lenders for getting loans.
The company said that it will not finance the loans using its balance sheet and will also not assume risk of non-repayment.
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The service can be accessed by consumers across the nation, and lenders can initially offer loans in 46 states.
Green Dot chairman and CEO Steve Streit said: "The low-income lending segment is in the early stages of unprecedented changes stemming from proposed new regulation putting pressure on the loan product itself, while new technologies and customer acquisition preferences are putting pressure on traditional customer marketing strategies and cost per funded loan.
"Our goal is to capitalise on these fundamental changes in the lending industry to take advantage of Green Dot’s natural assets of a large customer base, a rich data stream on that customer base, a collection of market-leading fintech capabilities and assets combined with a deeply valued national brand name to create something special."
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By GlobalData
