Monday, 12 February 2024, Bengaluru, India
A brand-new dating app has emerged just in time for Valentine’s Day, but using it requires a 675 credit score. Score, a dating app for those with good to excellent credit, was released today by the financial platform Neon Money Club to bring attention to the significance of money in relationships.
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The co-founder and CEO of Neon Money Club, Luke Bailey, told TechCrunch, “We need to take the conversation to areas where finance isn’t traditionally discussed.” Bailey also said that conventional approaches to increasing financial knowledge must be updated. “You have to grab people’s attention before you can educate them. We’re bringing the dialogue to date with Score.
Although discussing money might be awkward, many people find it significant in their relationships. As per CNBC, the majority of Americans think that having debt is a good enough cause to get divorced. One of the main reasons for divorce in this nation is money-related.
The app’s concept was born at AfroTech the previous year. Already searching for a solution to credit health issues, Neon Money Club hosted a party that brought hundreds of people into Downtown Austin’s streets. Bailey and his colleagues began to wonder what questions they could ask the partygoers to ease their discomfort in discussing money as people lined up.
For a certain period (about ninety days), prospective users will need to apply to use the app. According to Bailey, users of Neon Money Club will undergo a soft credit check upon signup, which will not affect their credit reports. The score will also not be shown on the app. Accepted users can connect with other app users who share their financial goals. Credit categories are also not considered when matching people, so a 700-score individual may check with an 800-score individual. Swipe left or right as usual from there.
Undoubtedly, the app’s discriminatory features may irritate some users, mainly because the average credit score of a citizen of the United States is 716, and Black and Hispanic individuals are more likely than other racial groups to have a score below 640. Bailey responded that having high Credit is more aspirational than it is classist when questioned about how people might see the app as promoting the difference between classes. He also pointed out that having a high income and bad Credit is feasible. According to him, those who are refused access to Score will be sent to tools that will raise their financial awareness and to Grow Credit, a credit booster, to raise their credit ratings. “Those individuals are then referred back to us to be eligible for our products,” Bailey continued, describing the loop as purposefully beneficial. “More people should be aware of the opportunities that come with having a solid credit history.”
Neon Money Club was the first Black-owned internet company to establish a credit card with AMEX last year. The company was founded in 2021 to track financial literacy. With the card, users can exchange credit card points for cash to be used as stock market investments.
Based on PitchBook, the company has raised over $10 million in venture funding.
Bailey declared, “We need more innovative and diverse voices in the finance industry.” “This is not the only way of thinking that exists. The business needs to provide more opportunities for people like us.
(Information Source: Techcrunch.com)
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