COLUMBUS, OHIO, October 22, 2023 – Sparrow, a pioneering financial technology startup that powers student loan marketplaces, is delighted to announce a strategic partnership with Navatros, the for-profit entity of the Ohio Credit Union League that provides products and solutions to credit unions in Ohio and surrounding states. By leveraging Sparrow’s innovative solution, credit unions in Ohio can now offer student loans without assuming the role of the lender of record and open new opportunities to engage members.
Accelerating Gen Z membership for credit unions
By leveraging Sparrow’s innovative solution, Ohio credit unions can offer student loans through a customized, white-labeled student loan marketplace, with a network of 20+ non-competitive lenders, within minutes. The Sparrow platform can also assist in generating new income and drive value-added marketing to deepen member engagement.
Navigating engagement and expectations of the Gen Z and Millennial generations is an important priority for credit unions. That’s why our partnership with Sparrow is so significant. Their innovative platform can help Ohio’s credit unions authentically engage Gen Z and Millennial members. With Sparrow, credit unions can leverage a cutting-edge platform to attract and retain the next generation of members.
Laura Auxter, Chief Revenue Officer at Navatros
The Sparrow effect
By offering student loans, credit unions can help members achieve their professional and financial aspirations while benefiting from cross-selling opportunities. Research shows that among borrowers who utilize their credit union for student loans, 65% open a checking account, 55% obtain a credit card, and 44% open a savings account.
“The rapidly changing landscape and evolving preferences of the younger generation have presented unprecedented challenges,” explained Harrison Hochman, CEO at Sparrow. “Our innovative solution empowers credit unions to adapt and engage Gen Z members like never before, providing the tools and capabilities to navigate this critical turning point. It’s a game-changing opportunity for credit unions to not just survive but thrive in this new era.”
Sparrow provides credit unions with the ability to launch their own customized, white-labeled student loan marketplaces within minutes. These marketplaces are seamlessly integrated with Sparrow’s extensive network of 20+ non-competitive student lenders. Credit unions can leverage the Sparrow platform to generate non-interest income on disbursed loans, while also utilizing automated marketing campaigns to drive membership account creation and cross-sell products.
Ohio-based credit union buy-in
Prior to public launch, two Ohio-based credit unions representing 12,326 total members and $129m in assets transitioned from a traditional affiliate student lender relationship to launching a marketplace on Sparrow.
Sparrow, founded in 2020 by Harrison Hochman, Griffin Morris, and Daniel Kahn, has emerged as one of the fastest-growing educational financing platforms in the United States, facilitating the search for over $400 million in private student loans.
About Sparrow
Sparrow, one of the nation’s fastest-growing student financing platforms, offers solutions to borrowers and businesses. Borrowers use Sparrow to search and compare personalized student loan offers through a single form, bringing simplicity, choice, and transparency to an otherwise inefficient and opaque lending process. Businesses use Sparrow to offer their customers a white-labeled student loan marketplace. Founded by students for students, Sparrow’s mission is to make education accessible and affordable for all. Learn more at www.sparrowfi.com and follow us on LinkedIn.
About Navatros
Navatros is an expert industry leader who advocates for credit unions, finance organizations, and more. Through a suite of personalized business solutions and trusted help, service, and advice, Navatros helps guide businesses toward success and works tirelessly to protect customer growth and well-being by solving challenges and achieving goals.
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