Santa Monica, California, 25th October 2023, ZEX PR WIRE, Grow Credit, a prominent player in financial technology and a 2022 Forbes Fintech 50 Financial Inclusion Platform, is excited to announce Grow Publishers, the third product emanating from the Grow API, its recently unveiled Credit Building as a service platform
About Grow Publishers
Grow Publishers enables any website to monetize its traffic while bolstering customer loyalty by integrating the Grow Publisher Widget with little to no technical skills.
Website publishers are remunerated with an affiliate fee for each user signing up for a Grow membership through the widget.
Performance By the numbers
- The release comes as Grow Data Science teams produce some additional figures revealing that consumers signing up for Grow free memberships with scores under 600 on average experienced a 53pts credit score boost within a year, 71pts in 2 years, and 82pts in 3 years.
- 28%* of Grow Credit users reach prime status in just 12 months, offering banks and Fintechs an inclusive financial product opportunity, further showcasing the value of consumers leveraging Grow in their credit-building arsenal.
A value proposition for all budgets & Credit Score Factor Impact
- With Grow, consumers can boost credit on all three credit bureaus with their favorite subscriptions, and we are particularly proud of our $1/mo student plan, which comes with a $17 deposit refunded after 12 months of on-time consecutive payments.
- The $17 refund incentivizes consumers to make their payments on time, which affects 35% of the credit factors. Grow, overall, impacts 80% of the score factor, including the utilization ratio (30%) and the average history length (15%)
Joe Quote: A financial Inclusion Mandate
As a financial inclusion platform, we are ecstatic to see our portfolio’s performance match our original mandate’s aspiration.
We are also looking forward to announcing more major financial institutions joining forces to make a difference in the lives of many.
For more information about Grow Credit’s Credit-Building as a Service solution and to explore how it can benefit your institution, please visit https://growapi.growcredit.com/
*Data is based on 33,916 active on-time users’ monthly FICO scores, cohorted and anonymized through March 2023. Excludes accounts past due or suspended at the time of the analysis. Individual results will vary
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 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. 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.
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