Beem leverages the Grow API to boost customers' credit scores. Grow leverages Beem's AI/ML powered payments and risk tools to minimize fraud and delinquency.
Santa Monica, California--(Newsfile Corp. - January 9, 2024) - Grow Credit, the developer behind the Grow API and its innovative payment, retention, and turndown product suites, announces a partnership with Super App Beem, which counts over 2M users, including 1M waitlisted. The integration will enable Beem consumers to access an effective financial tool that helps tackle inflation, while Grow will leverage Beem's payment processing and risk tools to minimize credit-related risks.
Grow Credit Partners with 2 Million Users Super App Beem to Tackle Inflation
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Similar to leading debit card for Gamers Ugami's integration, Beem is working on releasing a credit card product in 2024. Integrating Grow API's "Grow to Go" white-label product will enhance Beem’s credit card graduation process. It also enables consumers already paying subscriptions with debit or prepaid cards to build credit without incurring more debt while receiving continuous financial health education promoting responsible borrowing.
Meanwhile, Beem's AI/ML-powered technology, tested against $130M in payments and over $70M in disbursements and possessing the industry's lowest net chargeoff and transaction losses, will be leveraged by Grow to combat fraud and minimize risks and payment transaction losses.
Joe Bayen, CEO at Grow Credit, states, "We're excited to support Beem's vision to cater to their user's immediate and future needs by offering a financial inclusion product blending free and affordable memberships with built-in financial education tools. Meanwhile, Beem's leading AI/ML-powered risk tools will enable us to generate significant transaction savings that will be passed on to customers through our free membership program."
Beem's Super App operates as a one-stop shop for its members by offering a wide array of tools to support their daily financial needs, including financial protection, tax help, overdraft protection, wallet, auto insurance savings, roadside assistance, and more for a monthly subscription, with plans to eventually offer mortgage products. The app also features EverdraftTM - the only compliant non-credit alternative to Cash Advance as one of its many popular AI-powered services.
Akshay Krishnaiah, CEO at Beem, added, "A large segment of our audience is feeling the negative impact of rising inflation, and we've been focusing on delivering tools that will ease that burden. Offering an effective credit builder such as Grow aligns with our vision of minimizing the stress of rising interest rates on our audience's budgets. We're also excited to support Grow's effort to optimize its risk performance, enabling them to extend their vision of democratizing credit access."
Grow Credit recently announced its Series A funding round led by USAA. The platform is poised to make additional major announcements throughout 2024 as more financial institutions, insurance carriers, Fintechs, and subscription businesses rapidly embrace Grow API's innovative payment, retention, and turndown solutions.
About Grow Credit:
Grow Credit's innovative credit-building service lowers the barrier of entry for millions of Americans who need to establish and build credit. Combining a small-dollar loan with a virtual debit Mastercard, the service manages subscription payments, such as Netflix, and reports loan balances to the credit bureaus. The Mastercard is issued through Sutton Bank and is exclusively designed to pay subscription payments and cell phone bills. Grow Credit is based in Santa Monica and was founded in 2018 by financial industry veterans. The company is also proud to be recognized as one of the top 30 fintech apps on the App Store. For more information, visit GrowCredit.com.
About Beem:
Beem is a San Francisco-based fintech company consisting of AI-powered essential financial services like wallet, savings, payments, tax, insurance, credit building, budgeting, and others, bundled together for a monthly subscription. Beem uses its technology, data, and best-in-class service to give customers certainty in life's most complex moments so they can achieve and live their dreams. The widely recognized "Beem" brand is synonymous with simple, fast, and trusted digital solutions. With over 5 million downloads and 2 million satisfied customers, Beem has disbursed $65 million to prevent financial crises and processed $130 million in payments. Beem has been ranked among the Top 25 consumer fintechs in the world.
MEDIA CONTACT
Contact Person: Kat Schoberle
Company: Grow Credit
Email: Press@growcredit.com
Website: https://growapi.growcredit.com/
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