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BankMobile Announces New Student Loan Refinancing Platform

Largest Mobile-First Bank in the Country Partners with LendKey Technologies to Help Alleviate Student Loan Debt


New York, NY, June 26, 2019 (GLOBE NEWSWIRE) --

BankMobile, a division of Customers Bank ( CUBI ), and America's largest and fastest-growing mobile-first bank, today announced its new student loan refinancing platform, BankMobile Student Refi . The bank has partnered with LendKey Technologies , the leading lending-as-a-service platform for banks and credit unions, to offer a simple, secure solution for student loan debt.

“At BankMobile, we are always striving to solve the financial pain points so many Americans face and our new platform will help customers mitigate some of the challenges of the student loan repayment process,” stated Luvleen Sidhu, Co-Founder, President and Chief Strategy Officer at BankMobile. “LendKey is a leader in digital lending solutions and our collaboration enables us to offer education products that adhere to all underwriting standards, further helping our mission of empowering customers to achieve financial freedom.”

BankMobile Student Refi, available across the U.S., may help college graduates lower their monthly payments and reduce interest rates. It also has no origination fee. Other features include:

  • Competitive fixed interest rates
  • Flexible rates and terms, allowing customers to pay off loans quickly or keep monthly payments as low as possible
  • Refinancing up to $100,000 in undergraduate student debt or $250,000 in graduate debt
  • Simplification of finances with one easy monthly payment
  • 0.25% interest rate reduction if users set up recurring monthly payments
  • A simple application process that only takes 15 minutes


“We are proud to partner with BankMobile to expand its assets and grow its customer base through education lending,” said Vince Passione, CEO and Founder at LendKey Technologies. “We value its commitment to providing customers with a seamless digital borrowing experience and the loans they need.”

BankMobile, which was named “Most Innovative Bank” by LendIt in 2019, has over two million customers, placing it in the Top 15 banks in the U.S. in terms of number of consumer checking accounts serviced. The bank has developed its own proprietary technology, which was built to attract and engage customers for full-service consumer banking with a focus on exceptional customer experience delivered in the most compliant fashion.

Today, BankMobile provides its disruptive, multi-partner distribution model, Banking-as-a-Service platform, to colleges and universities through BankMobile Disbursements , which serves more than five million students on nearly 800 campuses nationwide. Through this distribution channel, BankMobile serves one in every three college students in the country.

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About BankMobile
Established in 2015, BankMobile is a division of Customers Bank and among the largest and fastest-growing mobile-first banking platforms in the U.S., offering checking and savings accounts, personal loans and credit cards. BankMobile, named the Most Innovative Bank by LendIt Fintech in 2019, provides an alternative banking experience to the traditional model. It is focused on technology, innovation, easy-to-use products and education with the mission of being “customer-obsessed” and creating “customers for life.” The disruptive, multi-partner distribution model, known as “Banking-as-a-Service” (BaaS), created by the executive team enables BankMobile to acquire customers at higher volumes and substantially lower expense than traditional banks. Its low-cost operating model enables it to provide low-cost banking services to low/middle-income Americans who have been left behind by the high-fee model of “traditional” banks. Today, BankMobile provides its BaaS platform to colleges and universities and currently serves over two million account-holders at nearly 800 campuses (covering one out of every three students in the U.S.). It is one of the Top 15 largest banks in the country, as measured by checking accounts. BankMobile is operating as the digital banking division of Customers Bank, which is a Federal Reserve regulated and FDIC-insured commercial bank. For more information, please visit: www.bankmobile.com .

About Customers Bank
Customers Bank is a super-community bank with $10.1 billion in assets as of March 31, 2019, offering commercial and consumer banking services along the I-95 corridor from Washington, DC to Boston; and in Chicago. Commercial products include cash management; commercial and industrial loans; small business loans; SBA government-guaranteed loans; commercial and multi-family real estate loans; and financing for leasing businesses and residential developers.

Customers Bank provides consumer banking services including savings, checking, and money market accounts; certificates of deposit; residential mortgages; and consumer loans. Additional consumer products include “BankMobile Vibe online banking,” marketed by the BankMobile Division and “Ascent Money Market Savings,” marketed by the Customers Bank Digital Banking Division.

Customers Bank is a member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation. Customers Bank is an equal opportunity lender. Customers Bank takes pride in delivering extremely high levels of customer service while charging comparatively very low fees; service that makes our clients say, “Wow.”

Commercial clients enjoy Single Point of Contact service with one team to handle all banking needs. Retail bank clients are afforded Concierge Banking ® Services that brings banking to them, when and where they need it.

Customers Bank, with its headquarters located in Phoenixville, Pennsylvania, is a subsidiary of Customers Bancorp, Inc., a bank holding company. The voting common shares of Customers Bancorp, Inc. are listed on the New York Stock Exchange under the symbol CUBI.

About LendKey
LendKey delivers the seamless technology, servicing, and support that financial institutions need to establish a strong digital lending presence and build lifetime relationships with prime borrowers. Created to help financial institutions improve lives with lending made simple, LendKey enables partners to effectively manage liquidity, reduce lending costs, and mitigate risk. Lenders optimize their offerings by drawing upon LendKey’s demand generation, online decisioning and loan origination engines, loan servicing, compliance expertise, and proprietary balance sheet options. Founded in 2009, LendKey works with hundreds of credit unions and banks that have collectively deployed over $2.8 billion in education and home improvement loans. LendKey was recently named to the CB Insights Fintech 250 list and was recognized as a top fintech employer by American Banker and Credit Union Journal. Visit lendkey.com/lend for more information.

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Kati Bergou
BankMobile
2128053014
kbergou@rubensteinpr.com