MIAMI--(BUSINESS WIRE)--OneBlinc announced today the launch of its new debit card, powered by the Mastercard network, which offers fair financing options to the over 22% of U.S. households that are unbanked or underbanked – according to a report by the Federal Reserve. Alongside this new debit card offering, OneBlinc is also debuting its free OneBlinc checking account service.
OneBlinc, the disruptive fintech that drew industry attention in 2019 by offering instant loans to poor-credit individuals through its proprietary scoring algorithms, has since expanded its portfolio of fair financing products, including salary advances and overdraft protection. Today’s announcement is the next step in the company’s mission to elevate the underserved, while giving them access to the latest in payment technologies. Even more, these new offerings can help customers better manage their finances, as debit cards provide an easy way to track and control money.
The fully digital OneBlinc Mastercard co-branded debit card product includes popular features such as contactless payments, as well as no overdraft fees and no required minimum balance. Customers can also load salary advances and loans from OneBlinc on the card and use it for common expenses like automatic bill payments.
“We want to make access to the latest financial technology more democratized, especially among the Black and Latinx communities, who make up a disproportionate amount of the unbanked and underbanked U.S. population,” said Fabio Torelli, CEO and Co-Founder of OneBlinc. “We are excited to tap Mastercard’s technology and solutions to provide our loyal customers with products that help them rebuild credit and better manage their money — with access to emergency funds when needed.”
OneBlinc’s services are tailored for those working in the public sector, providing quick lines of credit for people who work hard but who need an extra boost to cover expenses — without predatory fees and interest rates from traditional quick loan providers.
The fintech continues to grow, maximizing its footprint to reach some of the most underserved communities in the U.S., including underbanked Black, Latinx and American Indian populations. In just three years, OneBlinc has raised more than $40 million in debt and equity funding.
Initially, the OneBlinc checking accounts and corresponding Mastercard debit cards are available to the more than 20,000 OneBlinc customers nationwide; customers can apply for an account and manage their loans at www.oneblinc.com. As it grows, OneBlinc wants to expand the offer to all 15 million public sector employees.
About OneBlinc
OneBlinc, a tech-enabled financial platform, provides easy-to-pay financial products and offers the opportunity to rebuild credit, as well as education and finance-related services to help people up their money game, avoiding abusive fees and predatory rates. OneBlinc serves customers across the U.S. and is working to become the destination online bank for public sector employees, offering customized solutions for this specialized market of 15 million people. OneBlinc doesn’t rely on credit scores, but instead uses technology to assess the applicant’s creditworthiness. By offering an array of fair and affordable credit solutions, OneBlinc believes that providing access to socially responsible credit and developing financially savvy citizens can improve people’s lives and society. The company plans to expand into mobile banking offerings and develop a resource hub for financial education later this year.
