US-based neobank PoetrYY Finance has launched with Mbanq, aiming to optimize the banking landscape for startups, SMEs, collegiate athletes, and underserved communities.Following the launch, PoetrYY will offer its customers banking products and solutions with immediate availability. The firm’s suite of comprehensive financial services includes debit cards, peer-to-peer payments, and checking account capabilities. It also integrates traditional banking tools into an easy-to-use, secure, mobile-friendly platform, which was designed with biometric technology for overall optimized privacy.
PoetrYY Finance is set to focus on unbanked and underbanked communities, including startups and small and medium-sized businesses (SMBs), aiming to simplify access to money management through mobile and digital technology. The firm will leverage Mbanq’s BaaS platform in order to deliver secure and inclusive financial solutions to its customers.
The company also announced several business tools that are currently in the development stage, such as a collegiate athletes Name, Image, & Likeness (NIL) financial products partnership (which serves collegiate athletes with their digital banking needs, aiming to improve the process of transitioning their collegiate earning from the gridiron, court, and diamond, into checking, savings, and credit card programs) and the College & University Endowment Collective. This tool is aimed to focus on the Historically Black Colleges and Universities (HBCUs), in order to simplify the financial lives of students and allow them to make donations and monitor contributions to their educational establishments.
Mbanq’s recent strategy of development
US-based Mbanq had multiple partnerships and launches in the last couple of months, covering different geographic areas around the world.
At the beginning of June 2023, end-to-end embedded finance and fintech personalisation company Qorbis announced its partnership with BaaS provider Mbanq in order to design tailored financial control services for the US market. Throughout this collaboration, the companies aimed to improve the manner in which businesses control spend, save time, as well as increase brand loyalty by developing a secure and stable financial control and brand improvement platform.
According to the press release published at the time, the solution was already live at the alpha-testing stage, and it offered flexibility and privacy for brands. Customers and merchants were also enabled to benefit from an unlimited number of cards and accounts, suitable for fans, clients, and employees alike. Furthermore, each brand was provided with full balance control and was allowed to tailor expenses ranging from airport transfers to superyacht purchases in real time.
In addition, the brand financial controllers were given the possibility to access optimized spend management oversight in order to simplify big events of the likes of film productions, sports, entertainment events, or corporate travel.
Earlier at the end of 2022, the company announced its decision to expand its strategic deal with Switzerland-based cloud banking platform Temenos in order to improve Banking-as-a-Service (BaaS) adoption in the US.
The collaboration renewal also involved a minority investment from Temenos to Mbanq, in a bid to gain a foothold in the overall BaaS market. The service allows fintechs, companies, and brands to incorporate relevant financial solutions into their client journeys with a modern front and back-end technology package.