Central Pacific Financial in Honolulu provided more information on its new Banking-as-a-Service platform, which it plans to lean on for mainland expansion.
The $7.4 billion-asset company said in a press release Wednesday that it will make an equity investment in Swell, a new fintech that will work with credit-constrained consumers. Central Pacific will also serve as the bank sponsor for Swell, which is scheduled to launch its first product later this year.
Central Pacific said it has a revenue-sharing agreement with Swell. The bank will also collaborate with Swell and Elevate Credit, a firm that provides digital lending solutions.
Central Pacific in November launched Shaka, an all-digital checking account. The product allows clients to receive paychecks up to two days early, among other things. More than 3,300 people have signed up for the product since its launch on Nov. 8.