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Cornerstone Bank and Credova Collaborate on New Outdoor Recreation-Based BNPL Offering

Cornerstone Bank and Credova Collaborate on New Outdoor Recreation-Based BNPL Offering

A new partnership between North Dakota-based Cornerstone Bank and Buy Now Pay Later company Credova is the latest example of how bank-BNPL partnerships are becoming increasingly common in financial services. Per the agreement, Cornerstone Bank will do business as Noka and will provide loan origination for Credova, which specializes in BNPL solutions for the outdoor recreation, farm, home, and ranch markets.

“This is the next step in our company evolution, to partner with Cornerstone Bank, a pillar in the banking community,” Credova CEO Dusty Wunderlich said. “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.”

One of the ten largest financial institutions in North Dakota, Cornerstone Holding Company, the parent company of Cornerstone Bank, is a $1 billion financial institution with 11 locations in North and South Dakota. Headquartered in Fargo, Cornerstone offers its customers access to business and personal loans, deposits and cash management services, and both online and mobile banking.

“This exclusive agreement furthers our vision of being who people turn to when they are making important decisions about their money,” Cornerstone Bank chairman Gary Petersen said. “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.”

Founded in 2018, Credova recently relocated its headquarters from Nevada to Bozeman, Montana. The move, according to Wunderlich, reflected a desire to base operations in “a location that echoed our values and allowed us to continue to lead an outdoor lifestyle.” The POS financing platform offers a virtual card and extended installment financing along with its “Pay in 4” BNPL program that will allow consumers to divide their purchases into four, zero-interest payments. Available as either an on-site or an in-store integration, Credova’s financing platform has enabled merchants to realize a more than 3x increase in AOV (average order value) compared to other payment methods, a more than 51% increase in overall sales volume, and a more than 72% increase in conversion rates. Credova includes 3H Tactical, Big Tex Outdoors, Broadheads and Bullets, and Cedar Pet Supply among its most recent brand partners.