The $7.4 billion-asset company said in a press
release Wednesday that it will make an equity investment in Swell, a new
fintech that will work with credit-constrained consumers. Central Pacific will
also serve as the bank sponsor for Swell, which is scheduled to launch its first
product later this year.
Central Pacific said it has a revenue-sharing
agreement with Swell. The bank will also collaborate with Swell and Elevate
Credit, a firm that provides digital lending solutions.
Central Pacific in November launched Shaka, an
all-digital checking account. The product allows clients to receive paychecks
up to two days early, among other things. More than 3,300 people have signed up
for the product since its launch on Nov. 8.
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