Railsr, the world’s leading platform for embedded financial experiences, is partnering with DND Finance (DND), a multinational commercial equipment financial services provider, to launch the Score Credit Mastercard.
Under DND’s Score Credit Mastercard brand, it caters to consumers and business owners with less than perfect credit, including entrepreneurs and students. The card is also Sharia compliant. DND believes its card will be an important way for users to get their credit records back in order, echoing the views expressed by Railsr, which advocates for the democratization of finance.
DND uses the Railsr platform for its banking-as-a-service, licensing and card services in the UK. It chose Railsr as its issuer because it didn’t want to manage every single part of the implementation process, including linking to key partner platforms and obtaining a bank identification number (BIN).
DND developed the card based on the knowledge that good credit comes from people paying bills like credit cards, lines of credit, and loans on time. With the Score Mastercard, a user decides which limit is best for them, transfers a deposit to DND, uses their card for everyday expenses, and consistently pays their bills on time. This payment history is reported to the UK credit agencies and their credit score improves.
DND traditionally works with SMEs and entrepreneurial companies in the UK and Canada that are typically ignored by larger lenders. It offers vendor financing programs for manufacturers and works closely with small-ticket brokers for equipment financing. It also lends to professionals ranging from doctors to accountants and architects.
Louisa Murray, SVP, Global Head of Enterprise Customers and Partners at Railsr said, “We are very excited to be working with the team at DND. His approach to helping companies and individuals navigate the challenging world of finance aligns very well with our core principles of how the broader financial services sector exists to serve as many people as possible. We look forward to working together in the years to come.”
pastor dr. K. Bill Dost, Co-Founder and Group CEO of DND, added, “Our services offer underfunded entrepreneurs a way to fund their dreams – start a new business or continue existing business when they need funding. It’s great to work with Railsr, a platform that could give us the full package and take the hassle out of launching our product.”
“With the Score Card we want to offer everyone an accessible access to a better life. Bad credit used to mean not having access to affordable credit products; today it means you can’t move into the neighborhood you want or your children can’t go to the right school. Good credit is the difference between a life of want and a life of privilege, and we choose to offer that life of privilege to anyone who desires it.”