Mission Lane and Plaid Expand Open Finance Partnership to Offer Additional Connected Solutions for Underbanked Clients

Aspiring fintech company Mission Lane today announced it is expanding its partnership with data network Plaid to provide its more than two million customers with secure, open financial solutions.

The expanded partnership uses Plaid’s innovative data connectivity solution with an open financial API that allows customers to securely connect their Mission Lane branded accounts to more than 7,000 Plaid-powered apps and services, such as digital payments and financial planning and investment tools. improve your financial results.

Ensuring that all consumers have access to modern financial instruments is more important than ever. Faced with inflation, market volatility and the risk of a recession, consumers are relying more than ever on digital financial instruments. The Plaid’s Fintech Effect 2022 report found that more than half of Americans (53%) say their financial stress has increased over the past year, and 77% say accessing their finances from anywhere helps them navigate a challenging economic environment.

“In today’s world, consumers expect their finances to be unhindered and always at their fingertips. This is especially true for the many clients we work with who are trying to build or rebuild their financial lives and want to have a complete picture of their situation.” said Shane Holdway, CEO of Mission Lane. “We are thrilled to expand our partnership with Plaid to help us serve more consumers and offer a connected, open finance solution for our products.”

“Plaid is excited to expand our partnership with Mission Lane to ensure even more people benefit from financial inclusion,” said Eric Sager, chief operating officer of Plaid. “The expanded partnership with Mission Lane will help millions of customers securely connect their accounts to apps and services that will help those customers get the credit they need to live healthier financial lives.”

Plaid and Mission Lane share a common vision of expanding financial inclusion for all. Through the partnership, Mission Lane now uses over 10 Plaid solutions and services to help realize this mission, including:

• Plaid Assets, which allows customers to provide Mission Lane with information that can paint a holistic picture of a customer’s financial life, enabling better-informed credit decisions for those who have traditionally been excluded from financial services.
• Plaid Signal, which uses over 1,000 risk factors, allows Mission Lane to lower ACH return rates and help customers avoid unwanted fees from financial institutions.

In addition to assets and signals, Mission Lane also uses Plaid’s investment, liability, transaction update, transaction, authentication, identity, and balance solutions across the various products it serves.