Fintech CEOs Rochelle Gorey of SpringFour and Julie Szudarek of Self Financial have teamed up in the fintech arena to make waves in the financial wellness sector, taking a page from Beyonce and Taylor Swift by working together to expand their businesses having delivered over 3 million referrals to Self’s customers.

Milestone marks SpringFour and Self’s joint commitment to consumers’ financial health amid increasingly difficult debt climate.

Todd Schwartz, CEO and Founder of OppFi, mentioned SpringFour in a discussion with Peter Renton on a recent Fintech Nexus podcast regarding how to support borrowers with products, services, social impact partnerships, and more.

This article features BMO + SpringFour’s partnership. Credit card balances have hit a new high of $1.079 trillion, rising $154 billion from last year. Delinquencies are also rising in tandem, and a tenth of consumers are locked in persistent debt.

The social impact fintech points customers in need of financial assistance to nonprofit and government resources to help them get back on their feet.

Faced with declining consumer health, is it possible to transform a bank’s role into an institution that provides assistance beyond checking accounts and credit cards?
Social impact fintech SpringFour and BMO say yes. By transforming consumer interactions within critical banking touchpoints like collections, the partnership is changing how banks view customers and vice versa.