Meed, a Santa Monica based company announced this week that they’re planning to bring the first social, subscription-based mobile banking network to the US. The network will launch in December of this year with the Valley National Bank of Tulsa, Oklahoma. The company has already launched in Asia. It has seen monumental success with its mobile banking service that focuses on integrating concepts from social media with mobile banking. It aims to make mobile banking more accessible, affordable and convenient. The company wants to make mobile banking accessible to anyone. Meed’s partner, the Valley National Bank, prides itself on its affordability and accessibility to millennial audiences. The partnership also works with Axxiome Digital, a digitalization company that will make the integration with VNB virtually effortless.
The idea for Meed is pretty simple. The concept came when a group of people working in fintech—the merging of financing and technology—realized that there hasn’t been any real innovation in the world of mobile banking since its inception. Most big banks offer in-app banking and the ability to do things like check your account, make transfers or deposit checks from an app. None of these banks offer any real innovation in the world of mobile banking, however. Meed wants to fix this, and their platform will give users the freedom to do all of the above and then some. With features like international transfers, secured credit and savings goals.
Meed Consolidates Banking Apps
Think about how many banking or finance related apps you have in your phone. Most people have more than a few—I personally have an entire folder dedicated to things like banking, credit cards, bills, savings goals, budgeting or exchange rates. Meed wants to centralize these services and offer everything in one, easy to use app that will even pay you to promote its services to your friends and family. That’s right—they’ll pay you just to tell people about them. Their SocialBoost program lets users earn an ongoing income from promoting Meed to their family and friends.
Meed offers a lot of mobile banking features that will have you dumping your budgeting apps in a heartbeat. The service will let members do things like instantly transfer money. It will also let users split bills between households and send or receive money between other members. It will also allow you to set savings goals. This lets you save without having to go through the fuss of setting up a savings account for one goal. Users will earn interest on their savings goals as they grow. They can do this without having to worry about using more than one banking service to fill their needs.
Meed will also let users borrow money without having to dip into their savings. This means that you can go ahead and save for that new piece of tech you’ve been eyeing without having to worry that you’ll end up dipping into those funds if you get a flat tire.
To learn more about Meed and it’s many banking options check out their app here. The service will be available in the US this December and in Mexico sometime in 2019. The company hopes to bring their service to an international level by upping their availability to over 30 countries as soon as possible.
Julia Sachs is a staff writer at Grit Daily. She covers tech, entrepreneurship and entertainment news and is based in Park City, Utah.