Atlanticus Launches Aspire® Banking Platform, New Debit Product with Path to Credit for the Financially Underserved
November 03 2022 - 3:00PM
Atlanticus Holdings Corporation (NASDAQ: ATLC) (“Atlanticus,” “the
Company”, “we,” “our” or “us”), a financial technology company
enabling bank, retail and healthcare partners to offer more
inclusive financial services to millions of everyday Americans,
today announced the launch of Aspire® Banking platform: a
first-of-its-kind banking program that puts the financially
underserved on a clear path to being granted credit.
Geared towards the nearly 44 million Americans whom the FDIC
estimates are unbanked or underbanked and overdrafting, Aspire®
Banking provides customers with a bank account, debit card, and a
prescribed list of activities intended to help consumers build
positive financial habits. Upon completion of these activities,
which can be done in as little as 90 days, customers are presented
with an Aspire® Credit Card offer. Designed to establish good
banking behaviors, these activities include meeting minimum
criteria for making deposits, maintaining a balance, and making
purchases, each for three consecutive months. Aspire® Banking’s
path to credit provides an alternative to secured card products
that carry deposit requirements most unbanked and underbanked
consumers cannot afford.
“Atlanticus is committed to making a real impact on real people.
We created the Aspire® Banking platform to help overcome challenges
many consumers face when trying to gain access to credit today,”
said Jeff Howard, Chief Executive Officer of Atlanticus. “Without a
credit history, underbanked individuals are not only denied access
to loans, but are behind their peers when landlords, utility
companies, or insurers utilize credit reports to make decisions
about whom to rent to, insure or provide services to without
additional deposits. Not only do we want to open opportunities to
earn credit, but we also want to help cardholders establish
financial habits that will better their futures. This launch
embodies our dedication to offering more inclusive financial
services and we are so excited to help those on the path to
financial empowerment.”
The Aspire® Banking debit product has no minimums, no nuisance
fees (including monthly or overdraft fees), and access to over
55,000 ATMs nationwide. Other features include bill pay, remote
check deposit, Zelle, and early paycheck access with participating
payroll providers. According to the Financial Health Network,
unbanked and underbanked Americans spent $11 billion in overdraft
fees alone in 2021, disproportionately affecting those who can
afford them least. Aspire® Banking aims to not only save everyday
Americans millions in fees they cannot afford, but also help them
make strides toward financial wellness with access to banking
benefits and features that they may not have had access to
before.
“While there are other programs out there that are meant to
convert debit customers into credit card customers, Aspire® Banking
platform was created specifically for the unbanked and underbanked
who would not already have been afforded access to those bank
services and opportunities,” said Fred Rolle, Head of Product and
Innovation at Atlanticus. “This truly is a first-of-its-kind
banking product designed to serve the needs of the financially
underserved. Maybe they don’t meet ‘prime’ credit standards, or
maybe they are young or new to the country and don’t have credit
yet at all – whatever their circumstances, we will meet them where
they are.”
For more than 25 years, Atlanticus has remained dedicated to
providing access to essential credit solutions, powering better
financial outcomes for everyday Americans. For more information on
how Atlanticus is making a real impact for real people, please
visit: https://www.atlanticus.com/our-commitment/.
Banking services and the Aspire® Banking Debit and Aspire®
Credit Cards are provided by The Bank of Missouri, Perryville, MO,
Member FDIC.
Atlanticus Holdings Corporation owns the Aspire® brand. For more
information on Aspire® Banking, please visit:
https://awsuatwww.aspire.com/product/aspire-banking/.
About Atlanticus Holdings CorporationEmpowering
Better Financial Outcomes for Everyday Americans
Atlanticus’ technology allows bank, retail, and healthcare
partners to offer more inclusive financial services to everyday
Americans through the use of proprietary analytics. We apply the
experience gained and infrastructure built from servicing over 18
million customers and $27 billion in consumer loans over our
25-year operating history to support lenders that originate a range
of consumer loan products. These products include retail and
healthcare private label credit and general purpose credit cards
marketed through our omnichannel platform, including retail
point-of-sale, healthcare point-of-care, direct mail solicitation,
internet-based marketing, and partnerships with third parties.
Additionally, through our CAR subsidiary, Atlanticus serves the
individual needs of automotive dealers and automotive non-prime
financial organizations with multiple financing and service
programs.
Contact:
Sarah Richter
Atlanticus@fullyvested.com
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