Cornerstone Bank announced today an exclusive agreement with Credova, a buy now, pay later (BNPL) solution emerging in the increasingly popular outdoor recreation, farm, home and ranch markets.
“This exclusive agreement furthers our vision of being who people turn to when they are making important decisions about their money,” says Gary Petersen, Cornerstone Bank Chairman. “Cornerstone Bank and Credova share very similar cultures and approaches to doing business, making this relationship a great pairing. Both organizations will benefit from each other’s areas of expertise,” concludes Petersen.
“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.
Credova is building a household name in BNPL for outdoor rec, leveraging Cornerstone Bank’s extensive history and experience in traditional banking. 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.
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. Cornerstone Holding Company, based in North Dakota, is the parent company of Cornerstone Bank. One of North Dakota’s ten largest financial institutions, Cornerstone Holding Company is a $1 billion financial institution with 10 locations in North and South Dakota. Cornerstone Bank provides an expansive product offering while staying true to their mission of providing access to financial experts who give straight answers and the best possible financial options. Cornerstone’s offerings include business and personal loans, deposits and cash management services, online and mobile banking.