New US fintech Monai to gamify savings for Millennials and Gen Z
A new social finance app in the US is aiming to help young users decrease their debt by playing video games.
Monai, which is still in the waiting list stage, says users can use time spent playing mobile games to earn interest on savings they deposit in the app.
The firm also promises to offer a savings advisor, which will provide Millennial and Gen Z customers with tips on purchases.
Savings in the fintech’s “Money Boost” system will be invested in “curated” exchange-traded funds (ETFs) and cryptocurrency portfolios.
Monai promises users can instantly withdraw from these accounts.
The firm has three pricing plans on offer, including a free option. Its “Sapphire” and “Ruby” plans are $2.99 and $6.99 per month, respectively.
Extra features included with the Sapphire and Ruby tiers are not described on its website, though it promises a “Pro” version of basic functions.
Users can compete in weekly “savings quests” with friends and family, with the opportunity to win cash prizes of “up to $10,000”.
Monai promises its accounts are protected with “banking level” encryption, and insured up to $250,000 with the Federal Deposit Insurance Corporation (FDIC).
The fintech stresses on its website it is a financial technology company, not a bank.
“Banking services are provided by our FDIC-insured partner banks,” it writes, though no banks are listed, and the terms of service section of the site is currently under construction.
Monai is led by Sai Kondabattula and Kanika Khanna, both 2020 MBA graduates of the London Business School.
Kondabattula is a senior product manager at e-cigarette firm NJOY, while Khanna currently works at Samsung as a senior strategy manager for mobile.