Kasasa Partners with Magwitch to Enhance Lending Options for Community Financial Institutions Nationwide

Mutual partnership provides Kasasa access to Magwitch's holistic suite of lending capabilities, while expanding Magwitch's reach to Kasasa's nationwide family of community financial institutions

AUSTIN, Texas, Nov. 14, 2023 /PRNewswire/ -- Kasasa, an award-winning financial technology and marketing provider, today announced it is partnering with Magwitch, a LaaS (Lending as a Service) platform providing a holistic suite of open lending capabilities for banks and credit unions, while empowering a comprehensive PosF (Point of Sale Financing) platform for merchants, manufacturers, distributors, and fintechs across the US. Magwitch will be the exclusive LaaS platform for Kasasa to help the community financial institutions they work with, also known as Kasasa financial institutions (KFIs), generate more loan volume within their geographic footprints.

Engineered as a 2-way customer acquisition engine, Magwitch's data-driven and advanced analytics open lending platform effectively procures banks and credit unions effortlessly delivered, on-demand customer acquisition in hyper targeted markets. Using their technology, KFIs will now have the ability to customize specific loan offerings and programs, including auto, personal loans, HELOCS, agriculture, and recreational vehicles that flow directly to their core. 

"Magwitch offers a holistic suite of open lending opportunities to help the Kasasa network add new relationships they otherwise would not have access to," said Chris Cohen, Chief Innovation Officer at Kasasa. "Their technology has the power to drive new members to credit unions through indirect lending and point of sale financing, which is more important than ever as credit unions and consumer financial institutions continue to vie for customers in an increasingly crowded and competitive banking landscape." 

Through this partnership, KFIs will have access to a fully customizable LaaS platform that will give them access to loans specific to their demographic. The partnership also allows KFIs to set their own underwriting rules, credit tiers, and enables the borrower to become a member or customer of their institution. 

"Our partnership with Kasasa means that their financial institutions will no longer need to purchase loans that they did not originate. Rather, they can now originate loans on their terms in their area or nationwide," said Jake Reeves, CEO of Magwitch. "For banks that need loans on their balance sheet, Magwitch is able to allocate the appropriate loan to meet those needs based on the defined risk tolerance."

Kasasa partners exclusively with community financial institutions — the only place consumers can find their innovative banking solutions. Kasasa serves hundreds of community financial institutions nationwide, representing over 3 million consumer bank accounts across 3,400+ branches in all 50 states. Since 2003, Kasasa financial institutions have given back nearly $3 billion in rewards to Kasasa account holders.

About Kasasa 
Kasasa is a financial technology and marketing provider committed to driving results for community banks and credit unions to help them recapture market share. Since 2003, their branded retail products, world-class marketing, and expert consulting services have helped their clients attract, engage, and retain more consumers. Today, their combined network of community financial institutions represents the 4th largest branch banking network in the country. For more information, please visit Kasasa.com or LinkedIn.

About Magwitch
Magwitch is an open lending platform offering a holistic suite of LaaS (Lending-as-a-Service) capabilities to Financial Institutions, Fintechs, and Merchants. Magwitch's platform provides Banks and Credit Unions the ability to enhance their customer base and expand membership with on-demand customer acquisition through indirect and point of sale financing.

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SOURCE Kasasa