As Sesame Cash adds thousands of new users per day, Credit Sesame acquires Canadian challenger bank Stack
- Credit Sesame collaborated with Canada's Stack to develop Sesame Cash, its banking product.
- After the merger, Credit Sesame plans an international expansion.
In March, Credit Sesame debuted its banking offering, Sesame Cash. Since then, more than 200,000 customers have signed up, with thousands of new accounts per day, putting Credit Sesame among the fastest growing digital banking service providers in the U.S.
62 percent of Credit Sesame’s 15 million registered users have expressed interest in Sesame Cash for better cash and credit management. Cash was launched in collaboration with Canadian banking provider Stack. and now, Credit Sesame is announcing it has acquired Stack and will use the technology and team to expand for the first time internationally.
My guests today on the podcast are Adrian Nazari, CEO and founder of Credit Sesame, and Stack’s CEO Miro Pavletic, who will assume the new role of GM, Canadian and International Business for Credit Sesame.
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The following excerpts were edited for clarity.
The acquisition
Miro Pavletic: We’ve been working with Adrian and team over the past 18 months to launch Sesame Cash in the U.S. Since working together, we’ve been able to bring the teams together and bring this to fruition into an acquisition.
Adrian Nazari: Credit Sesame has been in business for about 10 years. Over the course of the last several years, we’ve emerged as a leader in helping consumers manage their credit. It’s been a great journey.
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Interesting move – but cross-selling financial products (e.g. credit scoring and challenger banking) has been difficult to pull-off. Therefore, will be interested to watch this and see how they look to integrate their existing offerings.