“They have assisted us in the definition of our products as well as strategy which is quite unique and priceless.” “We discovered that Agora is more than a provider, they are a true partner on this journey,” said Jeffley. That is exactly what we are doing with our partnership with Agora.” “Our goal is to educate and provide a service to help underserved adults with the opportunity to build their credit. “Many people - especially those from underserved or minority communities - are unaware of the benefits of a credit builder loan program and what it can do for their credit score,” said Karen Jeffley, Co-founder at Menta. Over the next year, Menta will expand its platform to become a Super App and include savings features, FX-remittance, cryptocurrency support and other features that will support underbanked users. The Menta platform will launch with real time account opening, real time decisioning system, and money pool with family and friends. They reinvented credit builder loans leveraging the mobile and digital banking experiences consumers demand and offering real-time servicing and access to funds. Menta’s founders then set out to build a more modern and robust platform to revolutionize access to credit to the underbanked. Based on experience and research, Menta set out to build a credit building platform that combines the user experience of digital neobanks with the loan services needed to build credit for millions of Americans. Menta, a Fintech founded by minority women, saw the need for credit building services where recent players targeting the underbanked are offering checking accounts. Many underbanked consumers are denied approval of traditional credit services, such as credit cards or home equity loans due to minimal or out-of-date credit history contributing to a lack of credit score.
Agora will power Menta with its Banking-as-a-Service (BaaS) platform, which comprises the most advanced digital bank features like real time onboarding, opening accounts, sub accounts, money pools and real-time virtual card issuing. The underbanked segment represents more than 100 million Americans who are disadvantaged by the current banking environment due to regulations and lack of financial education.
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