Lantern Credit, LLC, a financial technology venue, has launched a strategic partnership with Plaid, a financial infrastructure company, helping improve and support the accessibility of data for market participants and consumers, per a Lantern statement.
The new collaboration between Lantern Credit and Plaid helps combine the efforts of two fintech innovators, each of which have focused on delivering and developing higher-quality solutions within the current financial ecosystem. Per the new partnership, Lantern’s applications will also team up with Plaid’s technological solutions to help empower and promote benefits to consumers in the form of robust financial data.
As such, Lantern Credit’s platform will assimilate a number of integral components of the consumer credit ecosystem thereby removing several inefficiencies that have provided a hindrance to financial institutions and consumers. By extension, Plaid’s technology platform will also help facilitate applications like Lantern Credit to more effectively engineer a wider suite of products for a growing consumer base.
According to Sima Gandhi, Head of Business Development at Plaid, in a recent statement on the partnership: “Consumers should be able to access and make use of their personal financial data in a dynamic, context-rich way that gives them more choices, deeper insight, and greater control over their financial lives. Informed consumers with access to more current data are better able to make decisions about their financial futures.”
“Making important financial decisions – whether as a banker or a consumer – is only as effective as the accuracy of the underlying data and technology infrastructure available. Our partnership with Plaid will provide our banking partners with better technology, tools, and strategies to better understand their own customers’ current financial situation—and help them reach their goals,” added Chad Swensen, CEO of Lantern Credit, in an accompanying statement.