Current And Cross River Bank Unveil Credit-Building Product To Bridge Financial Gaps

Current, a fintech that’s building a bridge between the haves and the have-nots, recently announced a partnership with Cross River Bank.

The two are providing traditionally underserved communities access to credit-building product such as a secured charge card.

Current uses its core banking engine and ledger and exclusive partnerships with organizations such as Visa to build first-of-its-kind products. This most recent announcement comes ahead of Benzinga's Future of Digital Assets conference on Nov. 14, where industry leaders will discuss the evolving landscape of digital assets and the challenges and opportunities they present.

Current plans to use Cross River’s support team and proprietary, API-based operating system and banking infrastructure to facilitate financial inclusion.

The release explained that the secured charge card connects to members’ available spending balances to build credit history while minimizing risks associated with debt.

“There is nothing that matters more to your financial life than the quality of your credit,” said Current CEO and co-founder Stuart Sopp. “We’re proud to partner with Cross River and be able to leverage our core technology to launch an innovative secured charge card. Together, we can provide millions of hard-working Americans a simple way to build their credit histories and improve their financial futures.”

Impact: Current’s platform enables the creation of new financial products that have never existed before.

“This new experience demonstrates the power of our core technology,” said Trevor Marshall, Current Chief Technology Officer and co-founder. “We have been relentlessly focused on making credit building as accessible as possible. Our technology allowed us to innovate on account structures in a way not seen in the market. We’ve embraced the complexity of multiple accounts and solved them on the backend so that our members can have a unified experience to make improving their credit histories as easy as possible.”

Next: Ripple Prefers Overseas Talent, Shifts 80% Of Hiring Due To Regulatory Challenges