Dwolla helps Status Money’s cash rewards for savings
Status Money, the personal finance app that leverages peer comparisons and cash incentives to encourage users to make better financial decisions, has made a payments partnership with Dwolla. Status Money will leverage its new relationship with Dwolla to access the ACH network, so it can send earned cash rewards to members more efficiently, reports David Penn at Finovate.
Dwolla will also be a major part of the company’s referral programme, which offers cash rewards for referring non-members to the app.
Status members earn $1 for each referral who signs up, with the new referred member earning a $7 reward. After a member accumulates $10 or more in total rewards, they can redeem them for cash by way of a Dwolla-enabled, free ACH bank transfer.
Status Money CEO and co-founder Majd Maksad praises cash rewards as a new way to incentivise savings in the PFM industry, and says that working with Dwolla would enable the company to get cash rewards to members quicker.
Status offers users financial insights based on peer comparisons, national averages, and more than one million custom groups. This data, combined with personal finance algorithms, helps users better manage spending, savings, debts, and investments, and connects them with partnering FIs that offer relevant financial services.
Status has more than 200,000 members and has raised $4 million in seed funding from Altpoint Ventures. Earlier this month, Status added its first $100 reward. Founded in 2016, the company is headquartered in New York City.
Earlier this year, Dwolla announced that it was powering AutoInvest, a new automatic investing feature from OneGold. Late last year, Dwolla announced a pivot to focus on its white-label API, discontinuing its final branded solution, Transfer. The Iowa-based company was founded in 2008, and has raised more than $54 million in funding.