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  • Writer's pictureJoshua Sanchez

The new way to build your financial ability

Finances are a complicated mess, both for institutions and consumers.

Consumers however, are the ones left scrambling when it comes to navigating the multitude of financial products that exist whether it’s banking, saving, lending, or investments.

The real definition of “Underbanked”

The reality though is that the abundance of financial products today actually make it easy to settle on your financial institution of choice, your savings account, your auto lender, etc. By definition, this reality will continue to disprove the highly discussed term — the “underbanked”.

Where underbanked still remains true however, is the population of consumers who do not have access to financial products that require credit. While these products are accessible, not everyone contains the ability to use these products either because they do not merit the qualifications, or there is not enough innovation in products designed to handle and improve the financial health of consumers that can really benefit from credit.

To better understand this gap, let’s look at a millennial employee in their first few jobs and a single mother working to provide for her family. As LMI employees (low-middle income), both are at a higher risk for financial vulnerability. Hence, financial setbacks can feel inevitable. Paying bills consistently, having enough liquid savings, having manageable debt, a good credit score, etc. all seem difficult.

So how do LMI employees cope with difficult financial situations when good credit does not exist? Predatory payday loans and expensive overdraft fees, most unintentional and typically $35 each. And if you’re like most people, you may not learn your account is overdrawn for up to 3 days because the majority of U.S. banks reorder your transactions from largest to smallest in dollar amount, rather than in chronological order.

Why we launched FloatMe

Here’s why innovation in financial products needs to exist and why we launched FloatMe. Today, FloatMe offers a mobile app designed to prevent overdraft and build savings. With the support of fintech giants like Plaid, users can download our app, connect their bank, establish a savings goal, and ultimately, advance up to $50 from their unpaid earnings — or as we like to call them, floats!

Though we currently offer limited access to the platform via an access code, this is in effort to deliver users the best and simplest experience possible. In the months to come, we’ll be officially removing the waitlist restriction from the app that tens of thousands have signed up for. In addition to this, all users will receive improved overdraft risk alerts and gain access to FloatMe Stash — our in app savings account designed to make saving effortless.

So why build your financial ability?

Having financial ability means being resilient when things go bad, and the ability to pursue opportunities that help you prosper.

For 2 years, our mission has been to help people make better financial decisions and that will never change. With the consumer demand we continue to receive, our future is both promising and exciting.

We believe in a future where people are more than just a number or a “one-size fits all” when it comes to finances. And with the abundance of financial products and neobanks that exist, customer acquisition can prove difficult. Our rules are to never become a bank, but rather design products that compliment one’s existing financial institution.

Thus, our ambitious vision begins by building financial products that influence positive behaviors, and ultimately, will help us provide a better evaluation for the future of consumer credit products.

Join our team

We’ve been busy building and learning and are excited to make some noise. Do you like beer and are frustrated with the state of financial products today?

Join our team! We’re currently hiring for a Jr. Software Developer that’s excited at the opportunity to be a part of a fun and growing startup working to reimagine how finances should exist for hard working employees.


Josh Sanchez, CEO

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