Menta, a Fintech service provider streamlining access to credit for the underbanked consumers, has reportedly chosen Agora Services to introduce its credit builder loan platform.
The underbanked segment represents over 100 million US residents who are considered disadvantaged because of the shortcomings of the traditional banking sector (due to the absence of progressive regulations and lack of proper financial education).
Agora will aim to power Menta with its Banking-as-a-Service (BaaS) solution, which includes advanced virtual bank features such as real-time onboarding, opening accounts, sub-accounts, money pools, and real-time virtual card issuing.
Many underbanked clients are not approved for conventional credit services, like credit cards or home equity loans because of minimal or outdated credit history, thus leading to a lack of credit score. Menta, a Fintech firm established by minority women, saw the requirement for credit building services where players targeting the underbanked are providing checking accounts.
Based on extensive experience and industry research, Menta intends to create a credit-building platform that leverages the user experience of all-digital neobanks with the loan services required to offer credit for millions of US residents.
Menta’s founders then started creating a robust platform to improve access to credit to the underbanked. They claim to have reinvented credit builder loans that are leveraging the mobile and virtual banking experiences consumers want and providing real-time servicing and access to funds.
The Menta platform will be introduced with real-time account opening, a real-time decisioning system, and a money pool with friends and family members. Over the coming year, Menta will be focused on expanding its platform in order to become a “Super App” and include savings features, FX-remittance, cryptocurrency support, and various other features.
Karen Jeffley, Co-founder at Menta, stated:
“Many people – especially those from underserved or minority communities – are unaware of the benefits of a credit builder loan program and what it can do for their credit score. Our goal is to educate and provide a service to help underserved adults with the opportunity to build their credit. That is exactly what we are doing with our partnership with Agora.”
Karen added:
“We discovered that Agora is more than a provider, they are a true partner on this journey. They have assisted us in the definition of our products as well as strategy which is quite unique and priceless.”
Menta chose Agora Services because of the BaaS provider’s suite of features and services they may provide via a one-stop location to launch new features as needed.
Agora was established by Fintech professional Arcady Lapiro who has over 20 years of experience in leading challenger banks.
Agora’s tech allows Fintechs and retailers to customize their solutions based on the requirements of the market they are serving. Modular banking enables niche solutions to be added on top of existing banking solutions along with various other offerings to establish a comprehensive banking solution.
Arcady Lapiro, CEO & Founder of Agora Services, remarked:
“Agora is able to fill the gaps and provide a more customizable solutions for financial institutions allowing for niche needs like credit building to be met. I believe in an approach based on a business-driven structure rather than a freemium solution as the experienced team at Menta will provide full support in their success, and we want to power their success and access to credit to this large part of our population.”