Fintech startup Finch launches hybrid checking and investing app
/The fintech company Finch has gone live with an app that’s half digital checking, half digital investing.
Its goal is to lower the barriers to investing for consumers between the ages of 25 and 35.
“Three out of five don't invest,” said Neel Ganu, founder and CEO of Finch. “A lot of them are particularly jaded from the financial crisis and not putting their money to work. The really good news is they are a long way out to retirement, and they have time to turn the ship around and start investing.”
Finch offers a checking account through a partner bank, Evolve Bank & Trust, that has Federal Deposit Insurance Corp. coverage. It provides a brokerage account through Apex Clearing Corp., which has Securities Investor Protection Corporation insurance.
“We are a software company, and we stitch these two accounts together in a super seamless way so that people can start investing and put their money to work,” said Ganu, who previously had been the first employee of the German challenger bank N26 and had worked at National Australia Bank and Fidelity Investments.