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Hi, fintech fam! 💜

Consumer debt and education around credit scores are top of mind this week.

Mainly because of the news cycle with companies and legislation tackling the issue of rising debt and financial education, but also because I'm gearing up for Fintech Meet Up, where I'll be speaking on a panel covering financial wellness and the role of fintech in achieving it.

Liza Landsman, CEO of Stash, will be one of my panelists, and you can catch us together again at the Fintech Is Femme Leadership Summit. Remember to get your early-bird ticket before they sell out here!

Now, let's get into the news!

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#TRENDING

What’s Up In Fintech

Every Thursday, I share news stories and trending pieces I follow. Think of it as a way to quickly find the most important news in the fintech world.

#1 Dating App With Credit Scores

Valentine's Day has just passed, and love is still in the air, but this time, with a fintech twist.

Neon Money Club unveiled "Score," on Tuesday, a dating app that pairs people based on their credit scores.

Before you raise an eyebrow (I sure did) at the seemingly exclusive nature of the app, let's dive into why this company believes in merging the worlds of dating and financial education via credit scores.

Why It Matters

In a world where traditional credit scores often reinforce biases and systemic oppression, Score initially seems exclusive, requiring a minimum credit score of 675 for entry.

But Luke Bailey, Neon Money Club's Co-founder and CEO, shared in TechCrunch that their unconventional goal is not about exclusion but a distinctive approach to financial education, particularly for marginalized communities.

Bailey envisions the dating app as more than just a matchmaking tool; he sees it as a potential catalyst for financial inclusion by first grabbing the audience’s attention in a motivational way.

Recognizing the historical exclusion of certain groups from financial education, Score redirects those initially denied access to resources that enhance financial literacy.

This includes a partnership with credit builder Grow Credit to aid users in boosting their credit scores.

The endgame is to establish a positive cycle, guiding individuals back towards qualification for Neon Money Club's financial products.

From a customer acquisition perspective, this strategy is nothing short of genius.

While the average U.S. citizen's credit score hovers around 716, acknowledging disparities among racial groups is crucial, with Black and Hispanic individuals averaging scores below 640.

By using the dating app as a starting point, Bailey aims to redefine perceptions, encouraging users to see good credit as aspirational and challenging the notion that credit scores define one's worth.

Neon Money Club, which launched in 2021, isn't a stranger to pushing boundaries.

Last year, it achieved a milestone by becoming the first Black-owned tech business to launch a credit card with AMEX. The card enables users to convert credit card points into cash, which can then be invested in the stock market.

With over $10 million in venture capital raised, Neon Money Club is not only making waves in the fintech world but is also shaping a new narrative around financial education and inclusion from a very fresh perspective.

#2 New York Takes a Stand for Transparent Credit Card Practices

Navigating the murky waters of credit card transactions just became clearer in New York as the state rolled out new regulations to shed light on credit card fees.

The legislation, which kicked in on Sunday, February 11, aims to bring transparency to credit card surcharges, limiting them to the actual amount charged to the business by the card company.

Under these updated rules, businesses are now required to display the full price of an item or service, factoring in any credit card surcharge, before customers even get to the checkout counter.

This means providing both credit card and cash prices, offering consumers a crystal-clear view of the total cost of their purchases.

In a recent news release, Governor Kathy Hochul stressed the importance of this initiative, stating,

“New Yorkers should never have to deal with hidden credit card costs, and this law will ensure individuals can trust that their purchases will not result in surprise surcharges.

Transparency is crucial in building trust between businesses and communities, and now patrons will be empowered to budget accordingly.”

Why It Matters

The move towards greater transparency in New York coincides with a nationwide concern about the rising tide of credit card debt.

Recent data from the Federal Reserve paints a concerning picture, revealing a staggering $50 billion increase in credit card balances, soaring to a total of $1.13 trillion.

Even more alarming is the revelation that about 8.5% of credit card balances have slipped into delinquency status annually.

It seems like a small step in the right direction, but at least it’s a step toward legislation in financial services and technology actually looking out for the consumer and the business — instead of just the business.

Plus, New York is a state that sets trends, which means when the New York government implements something new, other states could be next — setting a precedent for businesses to adopt clearer pricing practices.

P.S. If you're looking for more fintech companies that aim to solve the debt crisis, I recently had the opportunity to meet an amazing female fintech founder named Puneet Thiara. She is developing Peach, a consumer fintech company that assists users in paying off their loans quicker and achieving their goal of being debt-free sooner.

#3 Fintech Founder Makes Financial Advice Community-Centric

This week, I was excited to see WealthMore CEO and founder Mical Jeanlys-White featured in Forbes, thanks to contributor Geri Stengel.

I had a great video call with Jeanlys-White earlier this year. We had such a strong connection that I think our WiFi stopped working because of our energy.

Be sure to check out the full piece here. In the meantime, here are some of the highlights.

Meet WealthMore

Jeanlys-White leveraged her strategic relationships with like-minded VCs dedicated to financial inclusion and harnessed the power of LinkedIn to successfully raise over $1 million in pre-seed funding. (Queen).

The funds will be utilized to develop WealthMore, a wealth-tech platform that prioritizes human interaction and addresses the gap left by robo advisors through its hybrid approach.

The company integrates human advisors, a wider range of investment options, and the opportunity to connect with other individuals looking to build wealth.

These community experiences are practical and strategic.

For instance, users can join a community focused on home-buying, where they can exchange advice and support one another.

And the cost is much more inclusive.

The minimum requirement for a WealthMore account is only $5,000, whereas most firms typically require at least $250,000.

WealthMore follows a tiered pricing structure with three options: the lowest starting at $25 per month and the highest at $1,500 per year, allowing individuals to access financial planning services 20 years earlier than usual.

_{MARK YOUR CALENDARS}

Join us every Thursday to stay updated on the top fintech events! These events are a great way to network, learn, and connect with our fintech community. Let's fill our calendars with these awesome events - I would love to see you there! If you have an event to share, please inform me!

_{MONDAY 2/19}

[VIRTUAL] Fintech Is Femme Live with Vrinda Gupta: Missed us this week? Catch the replay of my conversation with the Founder and CEO of Sequin Financial, a banking and financial education membership club designed by women, for women. Sign up for Sequin’s newsletter to stay updated with product launches and events. Plus, you can access 40% off as a Fintech Is Femme friend by clicking here.

_{TUESDAY 3/5}

[LAS VEGAS] Women in Fintech Breakfast: Heading to Fintech MeetUp? ​Kick off the second day of the conference with a gathering of female FinTech founders, investors, and executives as we take a unique “behind the scenes” look at the ever-changing 2024 landscape. Hosted alongside Kesi Johnson of Parity at Storm2 and Vanessa DiFrances of SVB. RSVP here!

_{MONDAY 4/8}

[NEW YORK] Fintech Is Femme Leadership Summit: Join us for a thrilling half-day event to kick off New York Fintech Week with a bang! I am going all out for this one, featuring esteemed speakers and premium vibes. We are combining value, community, and culture into a single experience. Are you excited to get your hands on a Fintech Is Femme concert tee? Secure your ticket now!

_FINTUNES

🎵 Beyoncé - TEXAS HOLD 'EM

Beyoncé has always said you’ll never take the country out of her. This foray into country music makes total sense, given she’s from Houston, Texas. And let’s be real, Queen Bey’s rustic renaissance was always coming, and she’s always transcended any genre.

That’s all for now! Stay safe, everyone. Hug your loved ones. See you Sunday!

Love,

Nicole

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