ELEVATE CREDIT AND CENTRAL PACIFIC BANK TO COLLABORATE ON NEW FINTECH COMPANY “SWELL”
Elevate Credit, Inc., a leading tech-enabled provider of innovative and responsible online credit solutions for consumers, today announced that it is working with Central Pacific Financial Corp. (NYSE: CPF), parent company of Central Pacific Bank (the “Bank”), as the Bank seeks to expand its presence beyond Hawaii and into the mainland U.S through Swell, a newly launched fintech company. Swell will launch a consumer banking app that combines checking, credit and more into one integrated account, with the Bank serving as the bank sponsor. The Elevate Blueprint™ platform will embed into Swell’s broader fintech platform to enable the Bank to offer personal lines of credit through Swell at APR’s below 24%. Additionally, Elevate will be making an equity investment in Swell.