Savings and investing fintech Unifimoney has selected UMB Bank to provide it with insured deposit and payment integration services.
As a result of this tie-up, Unifimoney users can deposit their funds in a high-interest checking account provided by UMB Bank.
UMB will be supplying Unifimoney customers with a hybridised sweep account, which automatically transfers amounts that exceed or fall short of a certain value into a higher-interest investment option at the close of each business day.
“The combination of UMB Bank’s scale and ability to flexibly partner with innovative fintech firms like us to create radically new value propositions made them the clear choice to work with,” says Ben Soppitt, founder and CEO of Unifimoney.
The fintech came out of stealth mode in late 2019, and aims to combine checking and savings account integrated with “everyday money management”.
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.
Doug Pagliaro, senior vice president and executive director of the FDIC Sweep programme at UMB Bank, adds: “UMB is honoured to be working with a company like Unifimoney that is focused on delivering a single solution for everyday money management. Our partnership with Unifimoney is a great illustration of that and helps UMB Bank broaden our distribution channel within fintech by providing banking services and sweep offerings.”
UMB Bank is the lead banking brand of UMB Financial Group, which holds assets of around $23 billion and employs 3,573 people.
via FinTech Futures http://bit.ly/2TsBCKT