Welcome Technologies, which builds data-driven tech for immigrant communities, has chosen PSCU, a credit union service organization, to provide processing services and support for the first credit card program to be offered by Welcome, an online consumer platform that focuses on immigrant communities, according to a press release.
“Millions of immigrants are underbanked, unbanked and lack credit scores, being forced to spend upwards of $50 billion annually on predatory financial services,” Amir Hemmat, founder and CEO of Welcome Technologies, said in the release. “We are working to solve this crisis and were extremely pleased to find a company like PSCU that shares our passion.”
Welcome provides financial information and products to immigrants, bilingual community members and underserved households. It has more than 2 million members.
The companies said in the release that Welcome’s selection of PSCU came after a “comprehensive review process,” with PSCU standing out for its “industry-leading technology, API connectivity, fraud capabilities, overall product portfolio and 24/7 service model.”
PSCU will start offering credit card services under the name “Saber es Poder” to Welcome’s members in March, will collections support following later, the release stated. St. Petersburg, Florida-based PSCU will work with Missouri-based MRV Banks and Mastercard on the credit card initiative.
Along with credit processing, PSCU will help Welcome with debt management and credit lending through CURecovery and The Loan Service Center, according to the release. Hemmat added that PSCU will play a critical role in helping Welcome provide “tailor-made services, machine learning technology and relevant financial education.”
Welcome will also have access, through its partnership with PSCU, to PSCU’s QuickAssist, which will give the firm’s staff “single-point, real-time access to member credit card account data.”
PSCU President and CEO Chuck Fagan said in the release that Welcome Technologies’ mission “closely aligns with the credit union philosophy of ‘people helping people,’ which is at the center of our culture and everything we do at PSCU. We are extremely proud to have the opportunity to work alongside Welcome Technologies, MRV Banks and Mastercard to provide Welcome Technologies’ members with access to financial services, support and — ultimately — greater success in life.”