Seattle Bank and LoanStar Technologies Partner on Embedded Consumer Lending Solution
New banking partnership provides consumers access to point-of-sale loans from Seattle Bank through retail merchants
SEATTLE, March 29, 2023 (GLOBE NEWSWIRE) — Seattle Bank, a digitally-driven local bank, has announced a new embedded banking partnership with LoanStar Technologies (LoanStar), a fintech company that enables merchants and service providers to offer point-of-sale consumer loans. Consumers will now be able to quickly and easily access loans from Seattle Bank for high-value transactions, directly through the merchant.
“At Seattle Bank, we evaluate every potential banking partnership by determining if the concept solves a problem for the customer, then aligning with a brand’s business imperatives,” said Josh Williams, EVP, Chief Banking Officer and Head of Partnerships at Seattle Bank. “In this instance, partnering with LoanStar allows its customers to accelerate the speed and convenience of point-of-sale financing while simultaneously allowing Seattle Bank to expand its reach to customers nationally. A win-win.”
The collaboration is made possible through Seattle Bank’s scalable, configurable, open-API technology stack. This includes enabling real-time underwriting and loan fulfillment by integrating new functionality with Finastra, a global provider of financial software applications and marketplaces. Finastra’s FusionFabric.cloud open developer platform allows Seattle Bank to seamlessly integrate with its fintech partners, including LoanStar.
LoanStar’s state-of-the-art technology connects lenders to borrowers through their merchant network, which spans several industries. Seattle Bank’s initial partnership serves a merchant in the home improvement sector.
“We saw a huge opportunity to team up with Seattle Bank to help expand its reach through point-of-sale finance,” said Andrew Turner, CEO of LoanStar. “We’re confident our strong relationships with contractors and merchants will help them find highly efficient ways to reach customers wanting immediate financing options when making purchases.”
“Finastra is proud to be an orchestrator of embedded finance, providing the tools needed to help banks meet customers on their journey at the right time,” said Radha Suvarna, Chief Product Officer and Head of Embedded Finance at Finastra. “We’re thrilled that Seattle Bank has chosen Finastra and our partners at LoanStar to facilitate embedded consumer lending at the point of sale – with the first live transactions already successfully processed.”
Partnering with LoanStar illustrates Seattle Bank’s partner banking capabilities which enable fintechs, marketplaces and brands to provide financial solutions within their brand experience, bringing banking directly to customers through seamless, integrated transactions. Whether offering a borrowing solution into a retail brand’s digital channel or providing banking-as-a-service to a fintech, Seattle Bank orchestrates the strategic blend of business, technology, and compliance, creating successful and sustainable banking partnerships.
For more information on Seattle Bank and its partner banking solutions, visit www.seattlebank.com.
About LoanStar Technologies
LoanStar Technologies is a Philadelphia-based FinTech company that enables banks, credit unions, and other lenders to create point-of-sale consumer loans. LoanStar has developed a consumer-friendly alternative to high-interest, white-label credit cards using their proprietary platform, MerchantLinQ. The technology-driven platform enables LoanStar to originate loans quickly and easily. For more information, visit loanstartechnologies.com.
About Seattle Bank
Seattle Bank is a locally owned, digitally driven financial institution that provides personal, business and partner banking services and CD Valet. Our experienced team and open API, cloud-based core technology platform deliver a boutique bank experience for clients with interwoven personal and business financial needs. Our highly configurable and scalable tech stack also supports partner banking that enables companies to embed banking transactions into their customer online experience. Seattle Bank’s most recent innovation is CD Valet, a new national service to help savers find the most relevant, unbiased standard and promotional certificate of deposit (CD) rates from local and national financial institutions. Seattle Bank is a wholly owned subsidiary of Seattle Bancshares, Inc., a privately held bank holding company. Visit Seattle Bank for more information.
About Finastra
Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning solutions and services across Lending, Payments, Treasury & Capital Markets and Universal Banking (Retail, Digital and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by ~8,600 institutions, including 90 of the world’s top 100 banks. For more information, visit finastra.com.
Contact: [email protected]
