Financial service Sesame Sesame teams up with Green Dot to boost the digital banking features of Sesame Cash.
Credit Sesame and Green Dot Partner to Boost Financial Wellness
In a move to revolutionize financial services, Credit Sesame and Green Dot Corporation have joined forces, aiming to drive innovation for years to come.
The partnership will see Credit Sesame enhance its digital banking service, Sesame Cash, with Green Dot's Embedded Finance platform, Arc, powering the new offering. Renata Caine, GM/SVP of Embedded Finance at Green Dot, expresses her excitement about the partnership, stating that the shared commitment to improving consumers' financial health through embedded financial services forms a strong foundation.
Sesame Cash offers FDIC-insured demand deposit accounts (DDAs) to users, and a new feature called Sesame Credit Builder will be introduced. This feature allows users to build and improve their credit scores with everyday debit purchases. By funding a virtual secured credit card linked to their Sesame Cash account and making routine transactions like purchases and paying bills on time, users demonstrate responsible financial behavior that can positively impact their credit profiles.
The Sesame Credit Builder is designed to aid those who may not have traditional credit lines to build credit history. Additional features of Sesame Cash include weekly credit report summaries, free credit alerts and monitoring, access to 3-bureau credit scores and simulators for premium subscribers, and credit builder card and rent payment reporting.
Renata Caine believes that the partnership will scale Sesame Cash faster, delivering smarter, more accessible tools to help people transform their finances more quickly. The partnership also aims to help customers grow their savings.
Credit Sesame's mission is to make financial wellness accessible to everyone. With the Sesame Credit Builder, users can build credit through everyday debit usage, a less common but increasingly effective method, particularly for those without existing credit histories or those looking to improve their scores gradually with manageable financial behavior.
At launch, users will have access to FDIC-insured demand deposit accounts through Sesame Cash. The partnership between Credit Sesame and Green Dot aims to continue driving innovation in financial services for years to come, making financial wellness more accessible to all.
The partnership between Credit Sesame and Green Dot will bolster digital banking by integrating Green Dot's technology into Sesame Cash, enhancing the service's capabilities. This collaboration aims to advance finance in the business sector by providing smarter and more accessible tools for financial wellness and growth, particularly through the new Sesame Credit Builder feature.
