Elevate Credit, Inc. announced that it is working with Central Pacific Financial Corp. parent company of Central Pacific Bank (the "Bank"), as the Bank seeks to expand its presence beyond Hawaii and into the mainland U.S through Swell, a newly launched fintech company. Swell will launch a consumer banking app that combines checking, credit and more into one integrated account, with the Bank serving as the bank sponsor.

The Elevate Blueprint™ platform will embed into Swell's broader fintech platform to enable the Bank to offer personal lines of credit through Swell at APR's below 24%. Additionally, Elevate will be making an equity investment in Swell. In addition to its collaboration with Elevate, the Bank is developing a Banking as a Service (BaaS) initiative based on the successful product development and launch strategies used in the Bank's launch of Shaka, Hawaii's first all-digital checking account, which launched in November of 2021.