Nummo partnering with Deposit Solutions to offer access to savings accounts
Katherine Mazzei 12/17/19 1 min read
Nummo to be first open-banking marketplace to offer highly-competitive deposit products
Nummo to leverage on cutting edge technology to expand into digital banking. Together with Deposit Solutions, a globally renowned FinTech company operating the world’s leading deposits platform, Nummo will enable its users to choose from a variety of FDIC insured third-party bank deposit products.
With the help of Deposit Solutions, Nummo will be going beyond the standard features of budgeting, retirement planning and debt repayment to offer a marketplace for deposit products.
“This new offering is pivotal to continue to help our users improve their financial health,” said Roi Tavor, co-founder and CEO of Nummo. “Ease of access to a much wider array of financial services is being made possible through open-architecture marketplaces and we are at the forefront of this rapidly expanding industry. With Deposit Solutions’ technology underpinning our ability to offer bank deposit products, our users will benefit from a competitive new product line.”
At Nummo, users connect their various bank accounts and credit cards to get a full picture of their financial situation. From there, they can better assess their overall position, create a budget, optimize the best ways to pay down or eliminate debt, and plan for retirement through the most efficient and cost-effective investment vehicles. The next phase is to offer open-architecture marketplace solutions such as the Nummo Savings Account. Traditional financial institutions typically offer rates between 0.01% and 0.10% on checking and savings accounts. Nummo’s open-banking approach will give users access to significantly higher yielding accounts with zero fees.