Highnote Enhances Payment Platform with Consumer Credit Programs

Published 7 months ago

San Francisco-based company Highnote has expanded its debit, prepaid, and fleet issuing card platform to include consumer credit card products. This development was led by Highnote’s experienced payments team and offers a wide range of credit capabilities, from underwriting and loan servicing technology to full credit program management.

A Comprehensive Credit Offering

With the advancement of consumer preferences, the market for credit services has become increasingly complex and competitive. Modern credit products require a host of benefits including payment flexibility, purchase protection, and personalized rewards. Highnote addresses these needs with its tailored credit solutions that streamline the process without the need for additional third-party tools.

John MacIlwaine, CEO and co-founder of Highnote, sees consumer credit programs as a key part of the company’s strategy. He emphasized the role of credit as a transformative experience and lauded Highnote’s step towards a future of smarter, more flexible payments that enhance a brand’s overall experience.

The Highnote Consumer Credit Platform

Highnote’s consumer credit platform was built using the same modern architecture as their existing card products. It leverages core elements such as the advanced general ledger and developer-first APIs, while also incorporating critical functions of a comprehensive credit product. Features of the platform include configurable product terms, efficient repayment management, and a fee engine that enables differentiation for a company’s target audience.

The platform offers several key capabilities:

  • Collaborative application decisioning, which allows customers to integrate their credit decision-making into the application process.
  • Account aging simulation, where fintechs and brands can test payment scenarios and calculate interest and minimum payments for past-due accounts.
  • Flexible configuration, enabling customers to customize their credit program according to regulatory alignment and the credit risk of individual applicants.
  • Advanced credit servicing and management technology, overseen by Highnote’s experienced team.
  • Credit-specific program management, with specialized teams offering guidance through the onboarding process.

The company will showcase these new consumer credit capabilities at the upcoming Money 20/20 conference.

About Highnote

Highnote is an embedded finance company that sets the standard in modern card platform management. Its fully integrated tech stack allows enterprises of all sizes to embed payment cards, ledger, and wallet capabilities into their existing products. The company, which has raised over $100 million from leading investors and strategic partners, is based in San Francisco, California.