Payoff has formed a partnership with Chicago-based Alliant Credit Union to help consumers eliminate high interest rate credit card debt. Payoff is an online consumer lender that claims some pretty high profile investors including; Anthemis Group, Tencent, Mohamed El-Erian, and Joe Saunders, former Visa chief executive. Payoff has raised more than $600 million in combined equity and debt capital since inception. Alliant is a not-for-profit financial cooperative with over 345,000 members and over $9.8 billion in assets founded in 1935.
The partnership will offer consumers the option to receive a personal loan to pay off their high-rate credit card debt, enabling consumers to eliminate their debts more quickly. Payoff’s digital platform is described as unique in that it focuses on the intersection of consumer spending and consumer psychology. The integration of Payoff’s innovative digital platform along with Alliant’s experience in consumer lending seeks to deliver a consistent and lasting impact to consumers’ financial health.
“Payoff’s approach and vision immediately stood out to us,” said Alliant CEO and President, Dave Mooney. “Payoff’s integration of science, psychology and technology is a different approach to other FinTechs in the marketplace, and it was clear that Payoff’s approach and platform outperforms competitors. We also saw considerable alignment in both companies’ commitment to improving consumers’ financial well-being.”
Alliant brings a good source of long-term, stable and aligned capital to support Payoff’s mission of helping its members eliminate high-interest rate credit card debt.
“We are excited to partner with Alliant to help Americans achieve financial wellness. Our focus on consumer financial empowerment defines Payoff and we have found a shared philosophy with Alliant,” said Payoff founder and CEO, Scott Saunders. “We’re inventing a future where we help our members transition from paying interest to earning interest, and Alliant’s partnership will provide an ideal source of long-term, stable, and aligned capital to bolster our mission.”