FinTech news in consumer finance category

While banks use rigorous credit policies and don’t care much about small businesses, particularly those without any local credit history or track record, informal lenders act as loan sharks to the detriment of these businesses.

Partnering with companies rather than providing services directly to users, she added, helps Addition create a more customized offering by leveraging data on the companies’ employees and their specific financial needs.

Pinwheel is also the only company providing direct deposit switching and payroll data that is classified as a Consumer Reporting Agency (CRA) in compliance with the Fair Credit Reporting Act, meaning that if consumers are adversely affected by Pinwheel’s data, the company would be legally accountable.