MIAMI–(BUSINESS WIRE)–OneBlinc today announced the launch of its new debit card, powered by the Mastercard network, which provides fair financing options to more than 22% of unbanked or underbanked U.S. households – according to a report from the Federal Reserve. Along with this new debit card offer, OneBlinc is also launching its free OneBlinc current account service.
OneBlinc, the disruptive fintech that captured industry attention in 2019 by offering instant loans to people with low credit using its proprietary scoring algorithms, has since expanded its portfolio of fair finance products, including advances payday and overdraft protection. Today’s announcement is the next step in the company’s mission to uplift the underserved, while giving them access to the latest payment technologies. Additionally, these new offerings can help customers better manage their finances, as debit cards provide an easy way to track and control money.
The all-digital OneBlinc Mastercard co-branded debit card product includes popular features such as contactless payments, as well as no overdraft fees and minimum balance requirements. Customers can also load payday advances and loans from OneBlinc onto the card and use it for everyday expenses such as automatic bill payment.
“We want to make access to the latest financial technologies more democratized, especially among Black and Latinx communities, who make up a disproportionate share of America’s unbanked and underbanked population,” said Fabio Torelli, CEO and co-founder of OneBlinc. “We are excited to leverage Mastercard’s technology and solutions to provide our loyal customers with products that help them rebuild their credit and better manage their money, with access to emergency funds when needed. ”
OneBlinc’s services are tailored to people working in the public sector, offering fast lines of credit to people who work hard but need an extra boost to cover their expenses – without predatory fees or interest rates. traditional quick loan providers.
Fintech continues to grow, maximizing its footprint to reach some of the most underserved communities in the United States, including underbanked Black, Latino and Native American populations. In just three years, OneBlinc has raised over $40 million in debt and equity funding.
Initially, OneBlinc checking accounts and corresponding Mastercard debit cards are available to more than 20,000 OneBlinc customers nationwide; customers can open an account and manage their credits on www.oneblinc.com. As it grows, OneBlinc wants to expand the offering to all 15 million public sector employees.
About OneBlinc
OneBlinc, a technology-based financial platform, provides easy-to-pay financial products and the ability to rebuild credit, as well as education and finance-related services to help people up their game. money, avoiding abusive fees and predatory rates. OneBlinc serves customers across the United States and strives to become the online bank of destination for public sector employees, offering customized solutions for this specialized market of 15 million people. OneBlinc does not rely on credit scores, but rather uses technology to assess the creditworthiness of the applicant. By offering a range of fair and affordable credit solutions, OneBlinc believes that access to socially responsible credit and the development of financially wise citizens can improve people’s lives and society. The company plans to expand into mobile banking offerings and develop a financial education resource center later this year.
