WebBank has announced an agreement with American Express (NYSE: AXP) “to become a card issuer and participant in the American Express network.”
The collaboration allows WebBank “to issue credit card and payment solutions that include American Express benefits.” American Express selected WebBank “as one of its key issuing banks focused on the fintech industry.”
Jason Lloyd, President & CEO of WebBank, said:
“WebBank is pleased to have a strategic alliance with American Express that broadens the product offerings that we’re able to make available through our strategic partner platforms.It’s a great example of two industry leading organizations creating value for and through the broader fintech community.”
William Stredwick, Senior Vice President and General Manager, Global Network Services North America, American Express, remarked:
“Integrating WebBank into the American Express ecosystem is another step toward empowering fintechs to offer payment innovations on the Amex network.We look forward to working closely with WebBank to continue expanding the reach of the brand and bringing new benefits to fintechs and consumers.”
WebBank plans to begin “issuing Amex cards through fintechs later this year.”
As covered, WebBank is “a Utah chartered Industrial Bank headquartered in Salt Lake City, Utah.”
Since its inception in 1997, WebBank has “originated and funded over $155 billion in consumer and commercial credit products.”
As “The Bank Behind the Brand®”, WebBank is “a national issuer of consumer and small business credit products through Strategic Partner (Brand) platforms, which include retailers, manufacturers, finance companies, software as a service (SaaS) and financial technology (FinTech) companies.”
The Bank is a key player in “the digital lending space, driving innovation in financial products through embedded finance with Strategic Partner platforms.”
WebBank engages in “a full range of banking activities including consumer and commercial loan products, revolving lines of credit, credit cards, private-label card issuance, auto-refinancing and more.”
The Bank “provides capital in the form of asset-backed lending and other credit facilities to Strategic Partner platforms, credit funds, and other lenders with a targeted focus on specialty finance assets.”
The Bank is also a provider of commercial insurance premium finance products “through its wholly owned subsidiary National Partners.”
