Press
WILMINGTON, DE (June 9, 2021) — Marlette Funding, LLC, developer and operator of the Best Egg consumer-lending platform, is excited to announce the official launch of the Best Egg Credit Card program. The Best Egg Credit Card is designed to promote habits in cardholders that can help them build back their access to credit. The Best Egg Visa® Card is the first in a series of new product capabilities that the company is poised to launch in 2021.
Best Egg has historically served a financially responsible customer who generally has little savings and relies on credit to pay for expenses beyond their everyday needs. As witnessed during the pandemic, this group struggles when unforeseen events hit them as they have little-to-no cushion to absorb unplanned expenses.
The company believes there’s an opportunity to grow the business by expanding its reach to serve these customers who are sometimes penalized by the unfortunate nature of their circumstances. The Best Egg Visa® Card, issued in partnership with First Bank & Trust, is specially designed to help these consumers.
“The new Card program is a nod to the customer-centric innovations our team at Best Egg is making,” says Jeffery Meiler, CEO of Marlette Funding. “We are directly responding to the needs of our customers while creating a financial engagement platform that will not only build their credit back at a healthy rate; but also provide resources and education for developing long-term financial wellness.”
Our unique card is designed to grow with the customer, offering reduced rates for on-time payments and an intuitive, easy-to-use mobile app. Other key features that will be available at the launch of the card include:
- A dynamic mobile app that will allow control and tracking of spending
- No annual or membership fees
- No over-limit fees
- No impact to credit score if declined
Features planned to roll out in the future include:
- Instant credit access through a virtual card
- Auto-pay discounts
- Customer rewards program
“The key differentiator in Best Egg’s Card product is that our customers will have the opportunity to develop healthy financial behaviors while building their credit back,” says Trevor Carone, General Manager of Card. “We have created a unique card program that can, in time, enhance customers’ financial literacy and help them stabilize their finances. This is the new age of the credit card industry, and we are adapting the product to meet the needs of our customer base in ways that the incumbents aren’t.”
The company’s growth is fueled by innovative technologies that allow Best Egg to engage with customers directly to capture data and insights, which has, in turn, led them to develop products that are tailored to their current and future customer needs. Marlette Funding believes that the more individualized data they obtain, unify, and operationalize through their proprietary, real-time data streaming platform, the better positioned they are to address gaps in the current financial system. This data can ultimately help customers manage their cash flow and improve their financial wellness.
Best Egg will be expanding its financial wellness proposition by providing more practical insights and launching new lending products to help customers get access to money.
The Card launch to Marlette Funding friends and family was successful; the pilot launched on June 3rd, and the official public launch is planned for October 2021. For more information about the Card program, visit here: www.bestegg.com/credit-card/.
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About Marlette Funding:
Marlette Funding, LLC, the developer and operator of the Best Egg consumer-lending platform, is a financial technology provider on a mission to find better ways to make money accessible to help people achieve their goals and enjoy life. The team mixes decades of banking experience with deep customer knowledge and smart technology to deliver digital products, services, and experiences in a more relevant way. The Best Egg platform currently provides a frictionless online personal loan experience where qualified applicants can instantly view loan offers with no impact to their credit score, and if approved, receive funds in as little as one (1) business day. Since March 2014, the online loan platform has delivered over $12.1B of loans with strong credit performance. For more information, visit www.MarletteFunding.com or www.BestEgg.com.
About First Bank & Trust:
First Bank & Trust is a family- and employee-owned South Dakota state bank, member FDIC, with 22 locations in 17 communities in South Dakota and Minnesota. Headquartered in Brookings, SD, it is the largest privately-held bank in SD with over $3.5 Billion in total assets. First Bank & Trust has a history that dates back more than 140 years and spans four generations of the Fishback family, who support independent and entrepreneurial leadership. First Bank & Trust’s experience in partnering with Fintech companies nationwide centers around the shared goal of developing market-leading solutions that deliver consumer-friendly, sustainable, innovative, and compliant financial services products on a national scale.
