Empowering Financial Growth with Atelio's Credit Builder Card
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Challenges
Before partnering with Atelio, Vola Finance encountered significant challenges that hindered its ability to provide comprehensive financial solutions to its users. One of the primary issues was the inefficiency in sending funds to users instantly at scale. Vola recognized that timely access to funds was crucial for its users to manage their finances effectively, especially in bridging the gap between paychecks. However, their existing infrastructure made it difficult to implement this feature efficiently, limiting Vola’s ability to effectively deliver on their mission.
Additionally, Vola was committed to helping its users improve their credit scores, a vital aspect of financial wellbeing. While Vola provided options for reporting rent and utility payments to credit bureaus, this was not sufficient to comprehensively build a user’s credit history. The lack of a solution that could leverage users’ broader spending and repayment activities to contribute to credit score improvement was a significant gap.
Vola needed a more robust system that would allow every transaction to aid in building a stronger credit history, thereby providing greater value to its users.
Solution
To address these challenges, Vola Finance chose to build on the Atelio platform and leveraged its issuing capabilities to implement the Credit Builder Card into its suite of financial tools. The Credit Builder Card offered a unique combination of features that perfectly aligned with Vola’s objectives. Unlike traditional debit cards, Atelio’s secured credit card was designed to help users build their credit history while making everyday purchases. This innovative approach meant that every transaction made with the card contributed to building the user’s credit score, providing a more comprehensive solution for credit improvement.
Moreover, the Credit Builder Card enabled instant fund transfers, allowing Vola to efficiently send funds to its users on a large scale. This feature was crucial in helping users avoid overdraft fees and manage their finances more effectively by bridging the gap between paychecks. Additionally, the card offered cash-back rewards, adding an incentive for users to engage more actively with their finances.
The combination of these features made Atelio’s Credit Builder Card an ideal solution for Vola, enabling them to enhance their service offerings and providing a secure and efficient way to improve their credit while managing their day-to-day expenses.
Outcomes
4,000 Users Onboarded | $2,000 Avg Deposit | 80% KYC Pass Rate | $0 in Fraud LossesSince launching the Credit Builder Card, Vola Finance has seen several significant positive outcomes. Within the first few months of implementation, Vola onboarded 4,000 users who successfully opened accounts with Atelio’s product. This rapid user adoption demonstrated the demand for a credit-building solution that also provided users with instant access to funds. The ability to offer a tool that combined both features — credit building and immediate financial support — was a key driver of this success.
Additionally, Vola experienced an increase in the number of transactions processed through the platform. As users grew more comfortable with the card and began to see the benefits of cash-back rewards and credit score improvements, the transaction volume increased. On average, users are depositing $2,000 into their accounts demonstrating their commitment to using the card for everyday purchases and Vola also noted that this was just the beginning of a growth trajectory they expect to continue scaling exponentially in the coming months.
In addition to the high levels of user engagement, VOla has achieved an impressive 80% KYC (Know Your Customer) pass rate, ensuring that the majority of users are successfully verified and able to fully utilize the card. Reassuringly, to date Vola has incurred $0 in fraud losses since implementation highlighting the effectiveness of both technology and process driven security measures in protecting the company and its users alike.
Financially, Vola’s users benefited greatly from the product. The avoidance of overdraft fees and the ability to earn cash back on purchases improved user satisfaction and retention. More importantly, users could now see their credit scores improve, which had long-term implications for their financial well-being. Although it was still early in the partnership, Vola anticipated that this credit-building tool would have lasting effects on their users’ financial health.
Looking ahead, Vola anticipates continued growth in user adoption and transaction volume. The positive trajectory suggests that the Credit Builder Card will play a pivotal role in Vola’s strategy to scale its services exponentially. Additionally, the enhanced financial tools provided by Atelio are expected to further improve users’ financial management capabilities, solidifying Vola’s position as a leader in the fintech space.