NEW YORK–NEW YORK–Inclusiv is reporting it has joined the board of managers for Dora Financial, an initiative launched by four credit unions that seeks to provide services digitally to low-to-moderate-income individuals who are currently underserved by financial institutions.
As CUToday.info reported here, the four credit unions behind the first-of-its-kind effort—Affinity Plus FCU in St. Paul, Minn., Digital FCU in Marlborough, Mass., Service Credit Union in Portsmouth, N.H., and USAlliance Financial in Rye, N.Y.—have described Dora as the CU community’s “first neo-bank strategy.”
The offering is named for credit union pioneer Dora Maxwell, who helped to charter hundreds of credit unions.
Inclusiv said it plans to bring to Dora's board of managers its “experience developing highly impactful programs, products, and services that significantly increase the financial health of low-income consumers.”
About the Account
“With financial inclusion as the priority, the Dora Everyday Checking account features no minimum balance, no monthly maintenance fees, early payday with direct deposit, bill pay, a surcharge-free network of 30,000+ ATMs nationwide, and financial education opportunities – packaged in a fully bilingual experience,” noted Inclusiv. “Dora is the only neobank that offers a Spanish language version native to the app, an innovation that reinforces credit unions' commitment to helping and empowering consumers who face barriers in financial services.”
Inclusiv noted Dora has been certified with Bank On National Account Standards, which identify critical product features for bank or credit union accounts appropriate to people outside of the mainstream banking system.
A ‘Powerful Tool’
"Dora gives the community development credit union movement a powerful tool to reach and serve the people that credit unions are organized to help. Consumers who face barriers to access mainstream banking products and services or who have been caught in products designed for them to fail will now have a safe and transparent alternative,” said Inclusiv President/CEO Cathie Mahon. “Inclusiv is proud to work with these visionary credit union leaders to bring collective expertise to scale solutions that help people gain financial empowerment and achieve financial independence in English and Spanish.”
Inclusiv said its investment in Dora is the “latest expansion of the Inclusiv/Technology initiative, which partners with mission-aligned fintech providers and others to develop, test, and scale innovative products and services.”
Inclusiv/Technology is supported by Prudential Financial.
Expansion of Fundamental Mission
“Through the creation of Bank Dora, we have successfully enabled the expansion of USALLIANCE’s fundamental mission - to serve the underserved and underbanked with exceptional banking products, services, education, and assist in building one’s financial well-being," said Kris VanBeek, CEO of USALLIANCE Financial. “The Dora CUSO aligns with Inclusiv’s mission to provide access to financial services to achieve financial independence and empower members to live their life to the fullest extent. We are exhilarated to accelerate our mission through our partnership with Inclusiv."
As CUToday.info reported here, the four credit unions behind the first-of-its-kind effort—Affinity Plus FCU in St. Paul, Minn., Digital FCU in Marlborough, Mass., Service Credit Union in Portsmouth, N.H., and USAlliance Financial in Rye, N.Y.—have described Dora as the CU community’s “first neo-bank strategy.”
The offering is named for credit union pioneer Dora Maxwell, who helped to charter hundreds of credit unions.
Inclusiv said it plans to bring to Dora's board of managers its “experience developing highly impactful programs, products, and services that significantly increase the financial health of low-income consumers.”
About the Account
“With financial inclusion as the priority, the Dora Everyday Checking account features no minimum balance, no monthly maintenance fees, early payday with direct deposit, bill pay, a surcharge-free network of 30,000+ ATMs nationwide, and financial education opportunities – packaged in a fully bilingual experience,” noted Inclusiv. “Dora is the only neobank that offers a Spanish language version native to the app, an innovation that reinforces credit unions' commitment to helping and empowering consumers who face barriers in financial services.”
Inclusiv noted Dora has been certified with Bank On National Account Standards, which identify critical product features for bank or credit union accounts appropriate to people outside of the mainstream banking system.
A ‘Powerful Tool’
"Dora gives the community development credit union movement a powerful tool to reach and serve the people that credit unions are organized to help. Consumers who face barriers to access mainstream banking products and services or who have been caught in products designed for them to fail will now have a safe and transparent alternative,” said Inclusiv President/CEO Cathie Mahon. “Inclusiv is proud to work with these visionary credit union leaders to bring collective expertise to scale solutions that help people gain financial empowerment and achieve financial independence in English and Spanish.”
Inclusiv said its investment in Dora is the “latest expansion of the Inclusiv/Technology initiative, which partners with mission-aligned fintech providers and others to develop, test, and scale innovative products and services.”
Inclusiv/Technology is supported by Prudential Financial.
Expansion of Fundamental Mission
“Through the creation of Bank Dora, we have successfully enabled the expansion of USALLIANCE’s fundamental mission - to serve the underserved and underbanked with exceptional banking products, services, education, and assist in building one’s financial well-being," said Kris VanBeek, CEO of USALLIANCE Financial. “The Dora CUSO aligns with Inclusiv’s mission to provide access to financial services to achieve financial independence and empower members to live their life to the fullest extent. We are exhilarated to accelerate our mission through our partnership with Inclusiv."