Credova, a buy now, pay later (BNPL) solution emerging in the increasingly popular outdoor recreation, farm, home and ranch markets, announced today an exclusive agreement with Cornerstone Bank.
"This is the next step in our company evolution, to partner with Cornerstone Bank, a pillar in the banking community," says Dusty Wunderlich, Credova CEO. "It's not often you find a bank with a nearly 100-year history, be so nimble and forward thinking, but that's exactly what we've discovered in Cornerstone Bank," continues Wunderlich.
"Cornerstone Bank's Vision is to be who people turn to when they are making important decisions about their money. This relationship will help us do just that," says Jeff Thomas, Cornerstone Bank President/CEO. "We believe that both Cornerstone Bank and Credova will benefit from working together, as we have a great deal of commonality in our approach to business and in our cultures," concludes Thomas. Cornerstone Bank will be doing business as noka in this agreement with Credova. Noka is registered name of Cornerstone Bank, a North Dakota state-chartered financial institution. Member FDIC. Equal Housing Lender.
"This is the next step in our company evolution, to partner with Cornerstone Bank..." says Dusty Wunderlich, Credova CEO
Credova is building a household name in BNPL for outdoor rec, leveraging Cornerstone Bank's extensive history and experience in traditional banking. With incredible adoption rates across 2020 into 2021, buy now, pay later providers are here to stay. Bank partnerships in a BNPL era are key for fintech growth and providing a method for financial institutions to stay viable. In a recent Pymnts.com article, Adam Hughes, CEO at a fintech firm, Amount, says, "The success enjoyed by the Klarnas and the Affirms and the Afterpays of the world — as these tech upstarts gain scale — has awakened banks to the fact that buy now pay later is here to stay," Hughes explained. "Every bank is interested in BNPL."