Mission Lane acquires Honeydue to launch new debit card product
US-based credit provision company, Mission Lane, has acquired finance platform Honeydue (incorporated as WalletIQ) in an undisclosed deal.
Mission Lane provides a credit card service, through which users can provision loans from participating partners.
The firm says its acquisition is based on the belief Honeydue can help it build “innovative and transparent financial products”. This includes the launch of a new Mission Lane debit card, Mission Money.
“Mission Lane and Honeydue share a goal of improving people’s lives by reducing financial stress,” said Shane Holdaway, Mission Lane CEO.
“We’re excited to bring in a team of people from Honeydue that have deep experience using technology to make finance more transparent and accessible.”
Honeydue has over 500,000 registered users and operated in six countries and in three languages.
Through its app, users can open bank accounts and debit cards, keep track of other accounts and bills, and share information with other people, such as family members. Honeydue’s banking services have no monthly fees or minimums and offer tracking through the app to foster easy communication between parties.
Eugene Park, Honeydue CEO and co-founder, will join Mission Lane as its new head of product for Mission Money.
“We wanted to eliminate some of the issues that intimidated people about finance,” says Park about Honeydue. “So, we worked to eliminate fees, minimums, and other requirements that caused stress and confusion.”
He adds: “There is no other company that shares our vision more than Mission Lane”.