Nummo to be first open-banking marketplace to offer highly competitive deposit products
NEW YORK--(BUSINESS WIRE)--Nummo, a personal financial management platform, announced today a letter of intent with Deposit Solutions, a globally renowned FinTech company operating the world’s leading deposits platform, for Nummo to leverage Deposit Solutions’ cutting edge technology as Nummo expands into digital banking. The cooperation arrangement is anticipated to commence in early 2020.
With the help of Deposit Solutions, Nummo will be going beyond the standard features of budgeting, retirement planning and debt repayment to offer a marketplace for deposit products. By connecting to Deposit Solutions’ platform, Nummo will enable its users to choose from a variety of FDIC insured third-party bank deposit products with the convenience of not having to open multiple accounts.
“This new offering is pivotal to continue to help our users improve their financial health,” said Roi Tavor, co-founder and CEO of Nummo. “Ease of access to a much wider array of financial services is being made possible through open-architecture marketplaces and we are at the forefront of this rapidly expanding industry. With Deposit Solutions’ technology underpinning our ability to offer bank deposit products, our users will benefit from a competitive new product line.”
At Nummo, users connect their various bank accounts and credit cards to get a full picture of their financial situation. From there, they can better assess their overall position, create a budget, optimize the best ways to pay down or eliminate debt, and plan for retirement through the most efficient and cost-effective investment vehicles. The next phase is to offer open-architecture marketplace solutions such as the Nummo Savings Account. Traditional financial institutions typically offer rates between 0.01% and 0.10% on checking and savings accounts. Nummo’s open-banking approach will give users access to significantly higher yielding accounts with zero fees.
Nummo is a personal financial management platform that empowers individuals to live better lives by helping them manage, maintain and improve their financial health. The company does that through its website nummo.com and an app with a suite of features that allow them to consolidate accounts and manage their money in a completely transparent and conflict-free environment. To learn more visit www.nummo.com.
Claudine Cornelis, +1 845.424.6342