Two fintech lending startups will be able to test out their products in Arizona without having to get licensed.
Attorney General Mark Brnovich announced the addition of Grain Technology, Inc. and Sweetbridge NFP to the state’s fintech regulatory sandbox, which eases regulatory requirements for entrepreneurs to test innovative products.
Grain Technology, based in New York, will test a savings and credit product on Arizona consumers who need small lines of credit while receiving overdraft protection for bank accounts. The company offers annual percentage rates between 12 percent to 15.99 percent, depending on repayment method.
The company plans to submit its...