ZURICH, Switzerland—Tend, which describes itself as a next-generation provider of personal finance solutions, has launched a mobile phone app in Mexico and the U.S.
The company is based around membership and seeks to bring about social interaction with financial technology through the use of debit card rewards and other features.
Those who start using the Tend app will receive a Visa debit card and access to savings accounts. Cashback schemes will also be offered, as will discounts at a number of shops, FXCompared said.
According to the company, the feature called “The Green” will allow customers to connect, discuss money-related issues, and collaborate. At some stage in the future, peer-to-peer and real-time international remittance and international money transfer features will also be added, FXCompared said.
Tend’s target market includes those who do not currently have easy access to financial resources or financial education.
Save & Spend
It is possible to use the app to both save and spend money, the report noted. Customers can also interact with each other on matters related to money and personal finance.
“By making banking a collective effort, we ultimately believe the path to happier, healthier financial lives begins with bringing individual voices together and empowering them to chart their own course with the support of a community,” said Tend CEO James Duvant. “Through membership, Tend’s goal is to eliminate the stress and complexity of managing money across many disparate financial services products, and increase financial literacy through real human conversation.”