Leverages Grow API for user retention and card graduation

Santa Monica, California--(Newsfile Corp. - December 12, 2023) - Grow Credit, the developer behind the Grow API and its innovative payment, retention, and turndown product suites, announces a partnership with Ugami, a financial rewards experience for gamers that successfully launched a debit card in 2023 and plans to release a credit card to a waitlist of 265,000 gamers in 2024.

The Ugami Debit Card, a robust and reliable next-generation financial solution, is a first-of-its-kind financial product built for the gaming community. The integration of Grow API's "Grow to Go" product enables Ugami users to seamlessly build credit with a free membership option and secured and unsecured credit memberships while enabling consumers to boost their scores by an average of 48pts*.

Joe Bayen, CEO at Grow Credit, shared, "We are thrilled to support Ugami's financial inclusion and education efforts. Ugami is integrating a solution demonstrating that they care for their customers' financial future and well-being, and we are proud to support their effort."

Additionally, the integration of "Grow to Go" is the ideal segue behind Ugami's effort to eventually provide a broader suite of financial products to its customer base.

Based on data produced by Grow's data science team, 28%* of Grow users reach prime status in just 12 months, enabling banks and Fintechs to embed an effective credit builder solution.

Hector Hulian, CEO at Ugami, added, "Partnering with a mission-aligned solution provider such as Grow made a lot of sense as we are relentlessly working to create a safe and secure banking product where gamers can manage their finances, have fun, and now build credit."

Grow Credit recently announced its Series A funding round led by USAA and Fintech app Dovly's integration of Grow API's "Pay with Grow" solution." The financial inclusion platform is poised to announce additional major partnerships as more Fintechs, financial institutions, insurance, and subscription companies embrace Grow's innovative payment, retention, and turndown solutions.

*Data is based on 10,391 active on-time users' monthly FICO scores, cohorted and anonymized through May 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 debit 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.

About Ugami

Ugami, Inc. is a financial technology company with a mission of changing the way gamers experience debit card and credit card rewards programs. The Ugami team is formed by passionate technology entrepreneurs, finance professionals, and gamers who are committed to building an innovative and robust financial solution. Lead investors include Harlem Capital Partners and ULU Ventures, with participation from Ignia Partners, FJ Labs, Origins Fund, and Top Corner Capital. Banking Services provided by Blue Ridge Bank, N.A. Member FDIC. To learn more about Ugami visit https://www.ugami.com.

MEDIA CONTACT

Contact Person: Kat Schoberle

Company: Grow Credit

Email: Press@growcredit.com

Website: https://growapi.growcredit.com/

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/190550