WebBank — which already helps fintechs launch credit and debit cards on the Visa and Mastercard networks — now has a third option after adding the American Express network and its proprietary card benefits to its menu.
Salt Lake City, Utah-based WebBank plans to begin issuing Amex credit cards through fintechs later this year with the option to include loyalty points and card offers, Amex said in a Tuesday press release.
WebBank is building momentum in the fintech arena following its launch of buy now/pay later fintech
The companies did not disclose the names of any fintechs planning to launch an Amex card via WebBank.
"It's a great example of two industry-leading organizations creating value for and through the broader fintech community," said Jason Lloyd, WebBank's president and CEO, in the release.
The fintech is partnering with WebBank to offer a normal-rate, unsecured credit card for people with no credit or a thin file. Petal will consider how much money consumers make, the bills they pay on a monthly basis, and trends in volatility in their income and expenses.
"We look forward to working closely with WebBank to continue expanding the reach of the brand and bringing new benefits to fintechs and consumers," said William Stredwick, Amex's senior vice president and general manager of global network services in North America, in the release.
The move comes several months after Amex forged a similar fintech card-issuing
Cryptocurrency trading firm Abra in June said it's working on developing the
