New US fintech Menta picks Agora to power credit builder platform
US fintech start-up Menta has partnered with cloud-based banking solutions provider Agora to launch its credit building loan platform.
Agora CEO and founder Arcady Lapiro
Menta’s digital platform is designed to improve access to credit for the underbanked, particularly underserved and minority communities.
Founded by minority women, the firm says more than 100 million Americans are disadvantaged by the current banking environment due to regulations and lack of financial education.
Many underbanked consumers are denied approval of credit cards or home equity loans due to a lack of credit score.
Menta co-founder Karen Jeffley says: “Our goal is to educate and provide a service to help underserved adults with the opportunity to build their credit.”
Menta will launch with Agora’s Banking-as-a-Service (BaaS) platform, which includes real-time onboarding, accounts, sub accounts, money pools and virtual card issuing.
The company also plans to add savings features, FX-remittance and cryptocurrency support at a later date.
Agora CEO and founder Arcady Lapiro says: “Agora is able to fill the gaps and provide more customisable solutions for financial institutions allowing for niche needs like credit building to be met.”
