US challenger Unifimoney launched by former Samsung Pay exec
A new challenger bank will be targeting US consumers in 2020, as Unifimoney prepares for launch.
The firm, which has yet to gain a full banking licence, aims to offer a combined checking and savings account integrated with “everyday money management”.
According to Ben Soppitt, founder of Unifimoney and former head of business development at Samsung Pay, when a consumer opens a Unifimoney account “they automatically default to best practice in personal financial management without any effort. It’s done for them, day in day out for as long as they are with us.”
The challenger aims to cut out marketing spiel, which Soppitt blames for the hidden costs that consumers must pay for their conventional bank accounts.
“We believe that for the majority of people robo financial advice, delivered at very low cost and providing a range of diversified funds is the best investment platform approach,” Soppitt writes in a blog post.
“With small investments made frequently, spreading market timing risk. Unifimoney does this for you with transaction rounding, cashback, deposit interest and a monthly contribution all being made for you into the investment account.”
According to the challenger’s website, it plans to make its money from small charges for robo-advisory services, as well as a partnership program through which Unifimoney will recommend mortgages, insurance and car loans from selected participants. The bank will take a cut for each customer who selects one of these partners.
Unifimoney has yet to outline what technology it will be using to power its services.