Moven, one of the most talked-about startups of the fintech boom, is looking to spread financial education to the self-employed.
The digital-only "neobank" announced a partnership with the Freelancers Union, a group that represents 300,000 freelancers across the United States.
Freelancers often struggle to access mainstream banking services because they lack a specific employer, make inconsistent incomes and may not have a permanent address. Those are conventional indicators of risk for traditional institutions, Moven said in a press release Wednesday.
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Moven, the digital-only "neobank," is partnering with online lenders as part of an effort to differentiate its services and become its users' go-to app for financial transactions of all sorts. Banks ought to pay close attention to this rebundling effort.
January 27 -
For the second year of their Financial Solutions Lab competition, the Center for Financial Services Innovation and JPMorgan Chase are looking for companies that would help people prepare for and weather financial shocks.
February 12 -
A handful of entrepreneurs have created apps that let workers, especially those with inconsistent incomes, receive portions of their paychecks before payday. Their emergence underscores how slower payments look out of date in an on-demand world.
November 12
Through the partnership, Moven will host free monthly events intended to provide support, education and tools to freelancers.
"Banks look at freelancers as second-class citizens, when in fact they are a highly educated, upwardly mobile, valuable group of individuals," said Alex Sion, a Moven co-founder and its president.
Moven has struck several partnerships recently. In January it announced an alliance with the marketplace lender