U.S. Bank Avvance, the bank's real-time point-of-sale lending solution, announced a new partnership with Magwitch, a Jacksonville, Fla.-based fintech. This collaboration aims to expand U.S. Bank's point-of-sale lending offering to a broader customer base.
Through this partnership, Magwitch will provide point-of-sale lending services to merchants utilizing its lending-as-a-service platform. This integration allows U.S. Bank Avvance to reach more businesses and consumers seeking immediate financing options at the point of sale.
The expansion of point-of-sale lending capabilities is a strategic move for U.S. Bank to enhance its competitive position in the consumer and small business lending market. It is expected to drive increased loan origination and deepen relationships with merchants and their customers.
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