FinTech: Mission Lane Customers To Get Access To Plaid Apps In Expanded Tie-Up

February 23, 2023 | FinTech, News

Mission Lane strives to extend financial inclusion to credit excluded people.

Fintech company Mission Lane has announced an expansion of its partnership with data network Plaid to provide the latter’s secure open finance solutions to its over two million customers. The partnership will leverage Plaid’s open finance API data connectivity solution to enable customers to securely connect their Mission Lane accounts to more than 7,000 apps and services powered by the Plaid network. The services, which include digital payments, financial planning, and investment tools, would help customers improve their financial lives.

Plaid’s 2022 Fintech Effect Report revealed that more than half of Americans have seen their financial stress increase over the past year, with 77% indicating that access to their finances from anywhere has helped them navigate the challenging economy. (Businesswire)

The expanded partnership with Mission Lane aims to provide customers with a connected, open finance solution across the company’s products, thereby enabling them to build the credit they need to lead healthier financial lives.

This is all the more relevant given a challenging economy fraught with inflation, market volatility and apprehensions of a recession.

Through the partnership, Mission Lane utilizes more than ten Plaid solutions and services, including Plaid Assets, which enables customers to provide the company with a comprehensive picture of their financial position to allow for better-informed credit decisions, and Plaid Signal, which leverages over a thousand risk factors to enable Mission Lane to reduce ACH return rates and help customers avoid the hardship of fees from financial institutions.

According to Shane Holdaway, the CEO of Mission Lane, consumers expect their finances to be seamless and at their fingertips, especially those trying to build or rebuild their financial lives.

By expanding its partnership with Plaid, the fintech aims to serve more customers and offer a connected, open finance solution across its products.

Plaid COO Eric Sager expressed excitement about the expanded partnership, stating that it will help millions of customers securely connect their accounts to the apps and services that will help them lead healthier financial lives.

Related Story:  Nirvana Money Offers A Hybrid Credit-Cum-Debit Card

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