Seattle Bank partners LoanStar for embedded consumer lending solution
Seattle Bank has partnered with fintech LoanStar Technologies for a point-of-sale (POS) embedded consumer lending offering.
Seattle Bank partners LoanStar
Seattle Bank customers can now access loans for high-value transactions directly through merchants.
LoanStar’s technology connects lenders to borrowers through their merchant network, which spans several industries. Seattle Bank’s initial partnership serves a merchant in the home improvement sector.
LoanStar says its MerchantLinq platform is an alternative to high-interest, white-label credit cards, which enables it to originate loans “quickly and easily”, ideal for POS.
The partnership is possible thanks to Seattle Bank’s scalable and open-API tech stack, which incorporates real-time underwriting and loan fulfilment through an integration with Finastra.
Seattle Bank chief banking officer and head of partnerships Josh Williams says the partnership with LoanStar is a “win-win” for both parties.
“LoanStar allows its customers to accelerate the speed and convenience of point-of-sale financing while simultaneously allowing Seattle Bank to expand its reach to customers nationally.”
LoanStar says its “strong relationships” with contractors and merchants will help Seattle Bank find ways to reach customers wanting immediate financing options when making purchases.
