Menta, the new fintech that is revolutionizing access to credit for underbanked consumers, has selected Agora Services to launch its revolutionary credit platform for credit builders.
The underbanked segment represents over 100 million Americans who are disadvantaged by the current banking environment due to regulation and lack of financial education. Agora will power Menta with its Banking-as-a-Service (BaaS) platform, which includes the most advanced digital banking features such as real-time onboarding, account opening, sub-accounts, pools money and the issuance of virtual cards in real time.
Many underbanked consumers are denied approval for traditional credit services, such as credit cards or home equity loans, due to minimal or outdated credit history contributing to a poor credit score. Menta, a Fintech founded by minority women, saw the need for credit creation services where recent players targeting the underbanked offer checking accounts. Based on her experience and research, Menta set out to create a credit building platform that combines the user experience of digital neobanks with the lending services needed to create credit for millions of Americans.
The founders of Menta then set out to create a more modern and robust platform to revolutionize access to credit for the underbanked. They have reinvented credit lending by leveraging the mobile and digital banking experiences consumers demand and providing real-time service and access to funds. The Menta platform will be launched with real-time account opening, real-time decision-making system and money pool with family and friends. Over the next year, Menta will expand its platform to become a super app and include savings features, currency transfers, cryptocurrency support, and other features that will support underbanked users.
“A lot of people – especially those from underserved or minority communities – don’t know the benefits of a credit loan program and what it can do for their credit score,” said Karen Jeffley, co-founder of Menta. “Our goal is to educate and provide a service to help underserved adults with the opportunity to build their credit. This is exactly what we are doing with our partnership with Agora.
“We have found that Agora is more than a supplier, it is a true partner in this journey,” said Jeffley. “They helped us define our products as well as the strategy which is quite unique and invaluable.”
Menta selected Agora Services because of the BaaS provider’s most advanced suite of features and services they could offer immediately, as well as a single location to launch additional features as they become necessary. Agora was launched by fintech veteran Arcady Lapiro who has more than two decades of experience in the main challenger banks, notably being part of the founding team which brought up one of the first challenger banks in Europe. from launch to more than $ 20 billion in assets and profitability in four years. Agora’s cutting-edge technology allows fintechs and retailers to fully customize their solution based on the needs of the market they serve. Modular banking makes it possible to add niche solutions to current banking solutions as well as other niche offerings to create a complete and competitive banking solution in today’s market. Agora is the fastest growing BaaS provider after launching its white label solutions on the Finastra Fusion Fabric platform awaiting launch with another major core and powering one of the largest conglomerates in the Middle East. Agora will also soon announce the first community banks and credit unions to select its platform.
“Agora is delighted to work with Menta to create an innovative solution for this market,” said Arcady Lapiro, CEO and Founder of Agora Services. “Agora is able to fill the gaps and provide more customizable solutions to financial institutions, helping to meet niche needs such as credit creation. I believe in an approach based on a business-oriented structure rather than a freemium solution as the experienced team at Menta will provide full support in their success, and we want to foster their success and access to credit to this large part of our population. .