Credit Sesame acquires Canadian challenger bank STACK, targeting international expansion

Credit Sesame, a provider of quality financial education for credit and loans has announced that the company has acquired Canadian challenger bank STACK. The acquisition is built on the existing partnership between the companies and marks the beginning of Credit Sesame’s international expansion.

Stack and Credit Sesame began their partnership in 2019 to create Sesame Cash, a smart digital banking service that helps consumers grow their cash and credit together in one place. According to company data, more than 200,000 customers have signed up for Sesame Cash in less than a month, and the demand continues to grow with thousands of new accounts per day.

Credit Sesame intends to help U.S. consumers who make daily decisions regarding their cash and credit usage, by applying data science and AI-driven analytics to help them grow their cash and credit. With Sesame Cash, customers are provided unique credit-centric benefits, including free daily credit-score refreshes, cash rewards for improving their own credit, and $1 million in credit and identity protection.

“Together with STACK, we are combining the power of smart banking and AI-driven credit management to create a new kind of personal finance. How much cash you have, and how and when you use your cash, have a big impact on your credit. Adding cash management to our credit platform was a natural next step to better help consumers manage their overall financial health, and it creates a unique benefit for our consumers and financial partners,” said Adrian Nazari, CEO and founder, Credit Sesame.

Credit Sesame has plans to integrate STACK’s digital banking offering to bring cash and credit management to Canadian consumers. The company is also planning to roll out new features and resources designed to help consumers manage and grow their cash and credit faster thereby accelerating customer demands. These include a smart bill pay service, savings roundup of transactions to save or pay down debt, and additional rewards programs and credit-building features.

All STACK employees have been seamlessly integrated into the acquirer, including former CEO Miro Pavletic, former COO Nicolas Dinh, and former CPO Ranjit Sarai.

“Credit Sesame and STACK share the belief that technology can help democratize access to smarter services and stronger support to help consumers achieve financial wellness. We’re excited to join the Credit Sesame team to help consumers in the U.S. and Canada keep as much of their money in their pockets as possible, help them grow their credit, and give them access to the right credit products at the right time,” said Pavletic.

Founded in 2010, Credit Sesame is a credit and loan company. Its mission is to help consumers work toward financial stability and ultimately create better opportunities for themselves and their families.