Member Exclusive, New banks, Online Lenders

Digital lender LendUp launches a challenger bank

  • LendUp has introduced its own challenger bank, Ahead Financials.
  • Ahead will provide digital banking and financial education to emerging middle class consumers.

Email a Friend

Digital lender LendUp launches a challenger bank

LendUp has unveiled its digital bank, Ahead Financials. 

Ahead provides emerging middle class consumers in the U.S and worldwide with banking and financial health services. The LendUp subsidiary will offer a checking account and debit card with no monthly fees along with financial literacy tools to educate consumers on their budgeting habits. 

“Borrowing, saving, planning, budgeting and financial education each play an important role in financial health no matter where you fall on the income spectrum,” said LendUp CEO, Anu Shultes. “However there are tens of millions of Americans who have been shut out of the mainstream banking system and therefore do not have a financial partner to help them with these items. And these are not just students, new workers or immigrants, they are hard working individuals with good jobs.”

As of August 2020, around 167 million Americans identified themselves as ‘financially coping’ or ‘financially vulnerable’ in a Financial Health Network report. In the past year, financial health disparities have widened across income and race and have persisted across gender. 



“LendUp and now Ahead were founded to break the cycle of hard-working Americans who are denied access to the system because they have poor credit or no credit,” said Shultes. “Improving financial education, improving credit scores, and improving the financial health of millions of Americans is one part of breaking this cycle. Because our customers have been shut out of the mainstream banking systems, we are creating a banking ecosystem specifically designed for our customers to be set up for success and that can grow with them.” 

This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — $59/mo Already an Outlier member? Sign in to your account

0 comments on “Digital lender LendUp launches a challenger bank”

Online Lenders

Mission Lane’s approach to helping people access credit with Shane Holdaway

  • Shane Holdaway spent close to two decades working in large traditional financial institutions.
  • As CEO of Mission Lane, he's serving a million customers that banks tend to overlook.
Zachary Miller | July 30, 2021
Member Exclusive, Online Lenders

How Shopify is creating an ‘embedded finance ecosystem’ with Shopify Capital

  • Shopify merchants benefit from a quick, simple application and approval process.
  • Shopify is slowly building an arsenal of finance solutions to better serve its users.
Shehzil Zahid | June 10, 2021
Member Exclusive, Online Lenders

‘Fix the errors and a lot more people will flow through the system’: The credit ecosystem may need a makeover

  • Credit invisibility is still very much alive in the U.S.
  • But it may not be just one problem within the system that’s causing the mess. Rather, it could be the whole system.
Rivka Abramson | June 07, 2021
Member Exclusive, Online Lenders

Through software, Drummond Community Bank moves into personal and auto lending

  • The bank will provide its customers with AI-powered personal and auto loans.
  • AI-based lending platforms can give community banks a competitive advantage over larger banks.
Ismail Umar | May 10, 2021
Member Exclusive, Online Lenders

With the cannabis market set to double, lenders hope to capitalize on the opportunity

  • Financing in the space typically has come in the form of equity investments.
  • Federal deregulation would give more lending options to cannabis businesses.
Shehzil Zahid | May 05, 2021
More Articles