Veteran-focused fintech lender diversifies into credit cards
StreetShares, a financial startup that specializes in lending to military veterans, will launch a business credit card tailored specifically for veteran entrepreneurs.
The firm said this week that it also plans to donate a portion of proceeds from every card to its foundation, which supports veteran entrepreneurs through educational content, “speed coaching” seminars and grant competitions. StreetShares said it will launch the card in the second quarter.
“Veterans love to help other veterans. StreetShares is a veteran-run company, and the goal of the card is not only to provide a veteran-focused payments tool, but also to benefit the veteran community as a whole by funding programs that benefit veteran entrepreneurship.” CEO Mark Rockefeller said in a press release Tuesday.
The company said it intends its veteran-focused credit card to complement its existing products. StreetShares uses a peer-to-peer lending model, connecting borrowers and savers who share a military background through its online platform.
StreetShares offers small-business loans and lines of credit up to $250,000. The Reston, Va., firm has so far provided more than $150 million in financing to veteran business owners in the form of loans, lines of credit and specialty finance products.
Last year, StreetShares also partnered with the San Antonio-based USAA on a pilot program to offer small-business loans. The $81.6 billion-asset USAA does not offer small-business loans, but under the new partnership, its customers can qualify for discounts on origination fees when they borrow from StreetShares.
Rockefeller has previously said that his company was pursuing other bank partnerships besides the one with USAA.