US challenger Finch is set to launch this year, billing itself as a banking and investing platform that enables customers to earn investment returns directly on their account balance.
Co-founder Maya Nijhawan said Finch is a “hypertensive account designed to help millions of Americans make the most of their empty money and develop healthy financial habits.”
Finch, designed for people who don’t know how or don’t have the time to make the most of their money, recommends personalized investment portfolios that earn market profits.
This revenue is immediately reflected in the user’s balance and can be spent immediately, the start-up says.
It is not necessary to change the bank at the time of registration; instead, users link their primary billing account to the app.
Customers can also earn up to 5% money back by spending with their Finch debit card guaranteed Mastercard.
Cashback automatically invests in users ’personalized portfolios. Investment pots can also be filled as a deposit or as a recurring investment.
And to help people with poor or low creditworthiness, fintech recognizes monthly expenses as creditworthy payments in the U.S. credit bureaus Equifax, Experian, and TransUnion.
The Finch Rewards Card also acts as a credit card, automatically consisting of users ’linked current accounts.
Additional benefits include no hidden fees, no minimum account, free bank transfer, and external transaction fees.
Users can also make free withdrawals from more than 55,000 ATMs across the United States, and Finch is supported by both the FDIC-insured bank and the SPIC-insured broker-dealer.