Purchase-headquartered Mastercard has entered into a strategic and brand partnership agreement with Grow Credit Inc., a fintech startup focused on helping people raise their credit scores for free.
The Grow Credit platform enables consumers to build credit by managing their subscriptions in a central location that schedules service payments for on-time and in-full reimbursement. Under the terms of the new partnership, Grow Credit will operate on the Mastercard network to deliver Mastercard-branded virtual cards to its membership.
Grow Credit accounts are repaid in full monthly by electronic payment from a linked bank account, and the company reports the on-time payments to the three major credit reporting agencies in order to demonstrate its customers have a positive repayment history needed to build credit. The Grow Credit mobile application is currently available on Apple’s iOS and Google’s Android devices.
“We are thrilled to be partnering with Mastercard to expand our platform nationwide on a trusted card network,” said Joe Bayen, CEO and founder at Grow Credit. “The level of support we are receiving at all stages, including growth, is beyond our expectations. Mastercard has enabled Grow to deliver the first solution to help consumers establish or build credit for free using their favorite subscriptions. The positive credit score boost is already helping thousands of consumers to benefit from cheaper costs of financing on a variety of financial products, including car leases or purchases, and mortgages.”