Seattle Bank and LoanStar Technologies develop embedded lending solution 2023

Embedded lending is a sort of financial services that allows businesses to provide their consumers credit or loans inside the context of a transaction.

The relationship is made feasible by the open-API technological stack of Seattle Bank, whose application programming interface is made available to all software developers.

Finastra, a worldwide financial software and markets company, will join both firms.

With Finastra’s FusionFabric cloud open developer, Seattle Bank is able to link with LoanStar and provide clients with immediate access to loans via LoanStar’s merchants. FusionFabric will aid in allowing real-time underwriting and loan processing.

Radha Suvarna, Chief Product Officer and Head of Embedded Finance at Finastra, stated, “Finastra is happy to be an orchestrator of embedded finance, offering the tools necessary for banks to meet clients at the appropriate point on their journey.”

Suvarna stated, “We are ecstatic that Seattle Bank has selected Finastra and our colleagues at LoanStar to support integrated consumer lending at the point of sale; the first live transactions have already been executed successfully.”

Business descriptions

Seattle Bank is a boutique financial institution offering banking and financial services. There are also mortgage, rehabilitation, and bridge loans.

Josh Williams, chief banking officer and head of partnerships at Seattle Bank, said, “At Seattle Bank, we analyze every possible banking relationship by analyzing if the concept addresses a consumer problem and matching with a brand’s business imperatives.”

“In this instance, Seattle Bank’s partnership with LoanStar allows its clients to increase the speed and simplicity of point-of-sale lending while expanding its national customer base. A win-win situation, Williams added.

LoanStar Technologies LLC is a platform provider that enables banks and credit unions to diversify their origination of consumer loans.

In November 2021, the firm partnered with Origience, a supplier of lending technology solutions and services, to offer credit unions retail merchant financing.

LoanStar’s technology connects lenders and borrowers via the company’s merchants, who operate in a variety of sectors.

Andrew Turner, the CEO of LoanStar, stated, “We recognized a tremendous potential to partner with Seattle Bank in order to assist expand its reach through point-of-sale financing.” “We are optimistic that our excellent ties with contractors and merchants will assist them in identifying extremely efficient methods to contact clients desiring urgent financing choices for purchases.”