StashFin Partners With Visa To Launch Co-branded Prepaid Cards With Credit Lines
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Singapore-based neobanking startup StashFin announced to have partnered with Visa with an aim to launch co-branded prepaid cards with credit lines and expand its digital banking footprint in existing and new geographies.
Founded in 2016, the StashFin Credit Line prepaid card powered by Visa claims to be a defined resolution for salaried and self-employed professionals.
“We are sitting on a unique opportunity to enable millions of consumers to get closer to their dreams and improve financial inclusion. South Asia is on the cusp of a financial revolution. Our mission is to fuel the aspirations of customers through frictionless banking services with the help of technology. This business partnership and co-branding of StashFin with Visa will pave the way for phenomenal business growth and increase our imprint across India and South Asia,” said StashFin chief executive officer Tushar Aggarwal.
With the festive season already in full swing, the partnership is said to promise good news for customers who are on the lookout for festive shopping discounts, helping them to convert their purchases into easy equated monthly installments (EMIs) using their Credit Line card. The neobanking startup will be extending Visa’s commercial offers available on the cards in order to enhance the product offerings to its users.
“We believe in innovation-led partnerships and fintechs remain core to solving the credit gap in India. We are glad to partner with StashFin to co-create an innovative prepaid product offering with a potential to transform credit access and banking experience for millions of mobile-first consumers,” added Visa India and South Asia head of products Arvind Ronta.
The company aims to dedicate to disrupt traditional lending in India. The team has worked with firms in the banking and financial services space such as Bank of America, Merill Lynch, Citi, Deloitte, Kabbage among others in India and the US. The company has serviced over 400,000 customers and continues to serve over 200,000 during the pandemic and is present in over 600 cities and over 2,000 PIN codes.
The digital lending venture taps into the potential $1 trillion neobanking market opportunity in South Asia. It has built a model that focuses on business-to-customer (B2C) use cases, attracting millions of applicants thus far. The establishment is among the global list of neobanking startups including N26, Chime, NuBank, and Revolut that are providing digital banking services in various developed and emerging markets.