Sunrise Banks Wins NEXT Award
Sunrise Banks of Minneapolis, Minn. won a $2.2 million NEXT Opportunity Award to expand TrueConnect, its small-dollar, affordable employer-based loan. The Wells Fargo NEXT Awards for Opportunity Finance support innovations that transform how the unbanked and underbanked access responsible personal financial products and services. Sunrise Banks' convenient alternative to predatory loans integrates with employers’ payroll systems through the bank's proprietary software. Sunrise has successfully piloted True Connect with three employers and plans to expand the product. “The NEXT award will help bring TrueConnect to scale nationally and offer a safe loan alternative for those 26 million Americans who do not have a credit score,” said David Reiling, Sunrise Banks CEO.