Neofin, an end-to-end SaaS platform for loan automation, proudly announces its partnership with Mastercard through the Engage program, aimed at accelerating advancements in the fintech industry. This strategic partnership aims to expedite the time to market for installments innovation, catering to the dynamic necessities of the fintechs and banking institutions in the EU and North America.
Mastercard Engage stands as a beacon of innovation, serving as a platform that fosters collaboration between Mastercard and its partners to drive forward cutting-edge payment solutions. Through this program, partners gain access to a wealth of resources and support, enabling them to accelerate time to market for their innovations. With over 170 Engage partners facilitating the deployment of innovative solutions on more than 300 million accounts in 2023 alone, the program's global impact is undeniable.
At the heart of this partnership lies Neofin's commitment to revolutionizing the way how loan products are launched and maintained. Launching an innovative loan product has historically been associated with considerable investments, extensive timeline and the need for engineering resources that are hard to impossible to keep available for a financial institution. This has made innovations in lending a “luxury” accessible not for every financial institution, where many give up on launching the products their community needs before even trying, this way losing the market momentum. As a Mastercard Engage partner, Neofin is serving the mission to make lending innovations a commodity accessible to every institution, regardless of its size and location.
Neofin’s lending infrastructure solution is based on simplicity and efficiency. With Neofin’s loan origination system, Mastercard customers get access to a seamless digital onboarding builder that can be customized to suit multiple financial products and various customer flows. The system is also equipped with an integrations suite for KYC, AML, and anti-fraud checks, and can power the risk solutions while ensuring compliance with essential regulatory requirements.
Neofin's loan management and servicing engines offered to the Mastercard customers, are specifically tailored to facilitate the swift launch of new loan products, with a particular emphasis on card-based installment solutions. This enables financial entities to stay agile and responsive to market demands, ultimately driving growth and competitiveness in the industry where fintech lenders are rapidly taking the scene.
The synergy between Neofin and Mastercard is poised to drive significant value for customers and stakeholders alike. By combining Neofin's expertise in lending innovation with Mastercard's global reach and influence in the card products, the partnership promises to unlock new possibilities in the realm of financial services. Together, Neofin and Mastercard are committed to creating a seamless, favorable setting for financial institutions to embrace innovations in their lending practices.
Alex Kshutashvili, CTO and Founder at Neofin, expressed his enthusiasm about the collaboration, stating, "Joining forces with Mastercard through their Engage program is a testament to our commitment to driving innovation in the financial technology space. We are excited about the possibilities this partnership presents and look forward to leveraging Mastercard's expertise to deliver even greater value to our customers."
Svitlanka Sergiichuk, CEO and Co-Founder of Neofin, emphasized the company's dedication to making lending innovations accessible to every financial institution. "At Neofin, we believe in democratizing access to cutting-edge technology, and we believe in partnership" says Svitlanka. "Our qualification with Mastercard Engage aligns perfectly with this vision, enabling us to reach new heights of progress and impact in the world of loan automation. We are deeply thankful for this recognition."
As Neofin embarks on this transformative partnership with Mastercard Engage, the company remains committed to making lending a painless and comfortable space for all the parties involved - including lenders, sponsor financial institutions, card ecosystems, and end borrowers.
