Secured Credit Drives Fintech Growth

The COVID-19 pandemic has served to highlight economic inequalities in the United States and the deep disparities between the haves and the have-nots. Ironically, while the federal government promises to address the issue by taking on racial disparities and helping create a more even playing field, the private sector, specifically the fintech industry, has been hard at work doing just that.
Despite their many benefits, secured credit cards are underutilized by the population that would most benefit from the opportunity to build credit. Secured credit cards make up only a small fraction of the credit card market at nearly 6 million active lines. At the same time, there are an estimated 108 million consumers whose credit score, or lack thereof, prevents them from accessing affordable, high-quality credit when they need it. The potential market for secured credit cards is huge.

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