WILMINGTON, DE (February 4, 2021) — Marlette Funding, LLC, developer and operator of the Best Egg consumer-lending platform, is expanding its suite of lending products, including the addition of a new credit card program in 2021.
Throughout 2020, Americans suffered the financial and economic impact of the COVID-19 pandemic. While some consumers are paying off debt and spending less on credit cards, the company is betting that as the dust settles, consumers who have experienced a financial disruption during this time will need access to credit to help them get back on track. In early 2020, in partnership with Cross River Bank, a unique, streamlined secured loan product was launched, targeted to homeowners. Best Egg’s suite of products will soon expand to include a new credit card program to help responsible consumers rebuild credit.
“We viewed 2020 as a year to make significant investments to expand our products and features to help a broader group of consumers get access to money during more difficult times,” says Jeffrey Meiler, CEO of Marlette Funding. “Our executives and employees have an extensive background in credit cards and have developed a robust online customer research community called “The Nest” to help us create customer-centric products that will help consumers accomplish their goals.”
The new Visa® credit card will offer a value proposition that provides spending controls and will grow and evolve as customers rebuild their credit. To launch, the company entered into several strategic partnerships with lender and bank partner First Bank & Trust, member FDIC; operating platform provider; TSYS, a leading global provider of secure and innovative solutions to payment card issuers; and Ondot Systems, a mobile application platform provider.
“These companies are tremendous partners who are working with us to enable the frictionless customer experience Best Egg is known to deliver,” said Trevor Carone, General Manager of the Credit Card program. “They each offer market-leading capabilities and a spirit of flexibility, which were important factors in making our selection.”
The credit card program is just the beginning of new and innovative products that Best Egg has planned for their data-driven multiproduct platform. The company plans to add additional financial products and features in 2021 with an eye towards helping responsible consumers who experience major financial setbacks regain financial stability. It believes a broad suite of non-lending products will provide next-generation data and customer insights that will ultimately enable lending to people whom traditional banks often overlook.
About Marlette Funding
Marlette Funding, LLC, the developer and operator of the Best Egg consumer-lending platform, is a financial technology provider on a mission to find better ways to make money accessible to help people achieve their goals and enjoy life. The team mixes decades of banking experience with deep customer knowledge and smart technology to deliver digital products, services, and experiences in a more relevant way. The Best Egg platform currently provides a frictionless online personal loan experience where qualified applicants can instantly view loan offers with no impact to their credit score, and if approved, receive funds in as little as one (1) business day. Since March 2014, the online loan platform has delivered over $11B of loans with strong credit performance. For more information, visit Marlette Funding or Best Egg.
About First Bank & Trust:
First Bank & Trust is a family- and employee-owned bank with 22 locations in 17 communities in South Dakota and Minnesota. Headquartered in Brookings, SD, it is the largest privately-held bank in SD with over $3.5 Billion in total assets. First Bank & Trust has a history that dates back more than 140 years and spans four generations of the Fishback family, who support independent and entrepreneurial leadership. First Bank & Trust’s experience in partnering with Fintech companies nationwide centers around the shared goal of developing market-leading solutions that deliver consumer-friendly, sustainable, innovative, and compliant financial services products on a national scale.