Here's How Mission Lane Is Recruiting and Acquiring for Success

There used to be a time where credit cards were seen as an indicator of affluence and prosperity, and only the well-off and those with an unblemished credit history would be considered for one.

However, that time is no more, and credit cards are now available to most people. In fact, they can prove a useful line of credit which, so long as they are paid off in full each month, can actually help improve the user's credit rating. Of course, no lending is without risk and people still need to be careful not to get carried away and spend beyond their means.

However, for those people with a slightly less than perfect credit rating there are still plenty of options available, with a whole generation of credit card providers having sprung up with a mission to serve them.

Mission Lane

Speaking of missions, Mission Lane is a credit card provider which sprang into the market in 2018, with the goal of making these useful plastic rectangles available to more people than ever before - especially those with a spotty or limited credit history.

Operating out of San Francisco, Mission Lane is a modern tech-savvy business. It uses the latest artificial intelligence and machine learning technology to supplement the data available from credit bureaus to help it make all-important decisions about who to grant one of its cards to.

Mission Lane has clear pricing with no hidden fees, increases credit limits when customers are doing better financially, and offers digital tools such as free anytime access to their credit score, credit building education, and reporting to all three major credit bureaus, which can help people manage their money better and improve their credit rating over time.

"Mission Lane is a new company dedicated to helping everyone have access to fair and clear credit," says the company on its website. "We believe in creating a relationship where everybody wins. You do well when you succeed with our credit cards. We do well when you prosper. It's that simple."

More recently, Mission Lane released the news it has surpassed one million customers and that it has been scouring the industry for the best and brightest minds in fintech and banking. Most notably, Mission Lane has recruited a new chief data scientist who is going to be helping the brand gain an even deeper competitive advantage by utilizing data to drive decision making, innovation, and learning.

"Our continued growth demonstrates the vital need for high-quality products and services tailored to the 100 million Americans with challenged credit or no credit history at all," said Chief Executive Officer of Mission Lane, Shane Holdaway. "I am so excited to have [the new recruits] add their experience and talents to our amazing team as we work to bring innovative and transparent financial products to all consumers, a mission that has become more important than ever amid the far-reaching economic effects of the COVID-19 pandemic."

Honeydue

If that wasn't enough, Mission Lane has also acquired innovative fintech brand Honeydue. A free app available on Android and iOS devices, Honeydue is designed to help couples better manage their finances and develop stronger financial literacy and spending habits.

"Mission Lane and Honeydue share a goal of improving people's lives by reducing financial stress," said Holdaway in a press release announcing the acquisition. "As we experience record growth and explore additional ways to have a positive impact on our customers' lives, we're excited to bring in a team of people from Honeydue who have deep experience using technology to make finance more transparent and accessible."

Honeydue lets couples share each other's financial information with one another to make it easier for them to save for important things, such as a holiday, wedding, or a down payment on a house, and make sure joint bills are taken care of each month. Honeydue has over 500,000 registered users and operates in six countries and in three languages. Honeydue's banking services have no monthly fees or minimums, and offer tracking through the app to foster easy communication between parties.

With finances being a major source of arguments for couples, an app such as Honeydue, combined with the credit services of Mission Lane, are the perfect salve for any financial woes between cohabiters.

"When we founded Honeydue, we wanted to eliminate some of the issues that intimidated people about finance, so we worked to eliminate fees, minimums, and other requirements that caused stress and confusion," said Chief Executive Officer and Cofounder of Honeydue, Eugene Park, who will be joining the team at Mission Lane as Head of Product for Mission Money - its upcoming debit card offering. "There is no other company that shares our vision more than Mission Lane, and we are excited to join with them to reach more consumers than ever."

Final Thoughts

Making credit cards available to more people can be an effective way to help them work their way out of a poor credit rating. With Mission Lane developing so many technologies and partnerships to help them do so, it certainly seems one of the more positive brands operating in the space.

You can hear Mission Lane's new Chief Data Science Officer Krishna Venkatraman speak at Future Digital Finance 2022, taking place in March at the Hyatt Regency Miami, FL.

Download the agenda today for more information and insights.