OneBlinc Intros Mastercard for the underbanked

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FinTech lending startup OneBlinc is introducing a checking account and Mastercard debit card to help unbanked and underbanked people better manage their finances, the company said in a press release on Tuesday, August 17.

“We want to democratize access to the latest financial technologies, especially among black and Latin communities, which represent a disproportionate amount of the unbanked and underbanked American population,” said Fabio Torelli, co-founder and CEO of OneBlinc .

See also: Real-Time Payments Help Underbanked Consumers Find Financial Relief

He added that by aligning with Mastercard, OneBlinc will have access to cutting-edge technology and tools to “provide our loyal customers with products that help them rebuild their credit.”

The new offerings also give OneBlinc an expanded means to help people in underserved communities create or repair credit, while introducing them with financial management tools and emergency funding. More than 22% of U.S. households are unbanked or underbanked, according to the press release, which cites data from the Federal Reserve.

See also: Brookings Institution on the Benefits of Real-Time Payments for Underbanked Americans

Launched in Miami, Florida in 2018, OneBlinc began offering instant loans to people with low credit by developing a proprietary scoring algorithm instead of using traditional credit scores. The startup intends to expand its operations across the country and reach more segments of the population in need of financial services.

See also: What FIs don’t understand about the underbanked consumer

The OneBlinc Co-branded Mastercard debit card is fully digital and offers contactless payments with no overdraft fees and no minimum balance. People also have the option of getting direct deposit payday advances and OneBlinc loans straight to the card.

OneBlinc offers solutions that are particularly useful for public sector employees, the company said. The new Mastercard checking and debit card accounts will be available to more than 20,000 OneBlinc customers, with the intention of expanding service to 15 million public sector employees.

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