Bond Financial Technologies, Inc., the enterprise-grade platform for embedded finance, announces the availability of its new product, Bond Embedded Credit.
Clients are able to build and deploy personalized credit products via a single integration, including underwriting, risk management, servicing, and compliance. Embedded Credit, along with other Bond products like Embedded Accounts, Embedded Cards, and Embedded Money Movement, established the foundational building blocks that support an extensive range of financial use cases.
Roy Andrew Ng, CEO and Co-founder of Bond, stated:
“The demand for embedded credit is incredibly strong. While bank accounts, money movement, and debit cards are foundational, many in the market are looking to build multi-product solutions for their users on a single integrated embedded finance platform. We see neobanks, vertical SaaS companies, workforce and spend management, gig platforms, marketplaces, and many others prioritizing credit for that reason.”
Data is key to credit and decisioning. Bond made substantial investments into a robust data platform from the start, the announcement noted while adding that the option to “combine conventional and alternative data sets to better understand a borrower’s creditworthiness is key to democratizing access to capital.”
Cledara, a UK-headquartered software-as-a-service or SaaS purchasing and management platform, is reportedly Bond’s first embedded credit customer.
Cledara chose Bond for their entry to the US market over other Banking-as-a-Service platforms because of Bond’s innovative credit and data capabilities. Deploying their SaaS Management platform “enabled by a credit product was key for Cledara in providing greater value to US customers in the form of access to capital and enhanced rewards incentives,” the update noted.
Cristina Vila Vives, CEO and Co-founder of Cledara, remarked:
“I’m a big believer in embedding financial services into customer experiences. Bond’s embedded solution allows us to begin helping US companies get a hold of their spiraling software investments, with the confidence of their robust underlying technology and amazing operational support. We cannot wait to begin this journey together.”
Cledara is the first of many other firms that have reportedly signed with Bond to create embedded credit solutions. Other firms include a Y Combinator startup “aiming to take on the competitive affluent segment with a charge card for high net-worth individuals who want access to unique, ultra-high-end experiences and concierge services; a Techstars company looking to offer a credit-building card for international students who are new to credit in the US; a San Francisco-based startup helping SMBs manage their finances by building a fully integrated business credit card.”
At present, Bond has many firms on a waitlist “looking to build and launch embedded credit solutions for their users.”
Bond’s suite of credit APIs and services — including KYC, KYB, card issuance, underwriting, risk management, funding, and debt servicing — “removes friction for Bond’s customers and their developers, which allows greater speed-to-market, personalization, and oversight.”