The investment is aimed at building a consumer-friendly platform that appeals to millennials, to tackle the needs of young people that are looking for simple and intuitive solutions.
The startup offers a FDIC-backed bank account backed by The Bancorp Bank, loans, and has applied for its own bank charter. The business uses a machine learning algorithm to predict incoming income and bills in order to target customers for loans at just the right time.
The startup doesn’t have overdraft fees, minimum balance charges or foreign transaction fees. The only fees are for ATMs that aren’t in-network. The app shows which partnering machines are nearby.
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