Today In Digital-First Banking: Elan, Sharonview Team On Card Program; i2c Collaborates With BrightFi To Help Underbanked
In today’s top news in digital-first banking, Sharonview Federal Credit Union has collaborated with Elan Financial Services on a credit card program, while BrightFi is joining forces with i2c to offer mobile financial services to underbanked and unbanked consumers. Plus, Chime is holding early talks on a potential stock market floatation.
Elan, Sharonview Federal Credit Union Partner On Credit Card Program
Sharonview Federal Credit Union has teamed with Elan Financial Services to provide a credit card program to its members. The tie-up will provide different credit card products and services, such as digital accounts, reward offerings and Sharonview-branded digital card solutions, to the credit union’s more than 90,000 members.
i2c, Brightfi Partner To Serve Underbanked Conmmunity
BrightFi, a cloud-based Banking-as-a-Service (BaaS) is teaming with i2c to provide mobile financial services to unbanked and underbanked individuals at a low cost. “As part of a flexible, best-in-class stack, i2c enables us to lower the cost of banking to expand access and increase financial wellness for millions,” BrightFi CEO Michael Coghlan said in a press release.
Chime Could Reach $30 Billion Valuation With Stock Market Flotation
Chime is holding early discussions with investment banks on a potential new stock market flotation that could value the upstart at more than $30 billion. The company launched in 2012 and expediently became popular as a FinTech platform. CEO Chris Britt said in September that the firm would be ready within one year for an initial public offering (IPO).
Treasury Disbursed $242 Billion In Relief Funds To 90 Million Americans
The $1.9 trillion American Rescue Plan has provided its first tranche of coronavirus aid by providing an estimated $242 billion in payments to roughly 90 million individuals. For the most part, payments were digitally deposited straight into the bank accounts of individuals. However, the Department of the Treasury also mailed roughly 150,000 hardcopy checks or debit cards totaling approximately $442 million.