back Back

Lilly and Atomic to give Americans an easier way to save for retirement

By Leandra Monteiro

November 09, 2022

  • Americans
  • APIs
  • Atomic
Share

Atomic Invest, LillyLilly, a company that gives credit card users the chance to transform cashback rewards into retirement savings, has announced its partnership with Atomic Invest, who creates APIs that enable FinTechs and other financial institutions to offer investing experiences. Together, they will help average Americans convert existing and future cashback rewards into traditional and Roth IRA deposits, and then invest.

According to Lilly, the average American earns roughly $375 to $570 each year in cash back rewards. Many don’t even realize the money is there. Using a standard Roth IRA and assuming a 7% rate of return, those rewards could grow to more than $60,000 over 30 years, with no change in consumer behaviour.

“The average American doesn’t have the same financial and educational opportunities as wealthier investors,” said Kori Handy, Lilly’s founder. “People delay saving when they are living paycheck to paycheck, and that puts them at a disadvantage for retirement.”

Lilly also offers retirement rewards on their platform from more than 1,500 stores. These rewards can be deposited into a traditional or Roth IRA. Users can connect any bank card, and then Lilly does the rest.

“Our mission is to be the easiest way to save for the future. Everyone deserves the opportunity to retire with extra money in the bank,” said Handy. “For the user, we want retirement savings to be set and forget.”

Atomic Invest allows Lilly users to easily invest. Their platform allows users to easily allocate savings into fully diversified portfolios with advanced benefits like direct indexing, tax-loss harvesting, and ESG investing – all with no account minimums.

Atomic, CEO, David Dindi said, “We’re proud to partner with Lilly to help average Americans save and invest for retirement. It’s an underserved market that has historically been shut out from the investment opportunities available to wealthy investors.”

Previous Article

November 09, 2022

Fingerprints and Tag Systems to offer biometric payment cards globally

Read More
Next Article

November 09, 2022

Finastra, Modefin partner to provide FinTech solutions for banks in Africa

Read More








IBSi Daily News Analysis

Fraud

February 23, 2024

Americans

Regulated firms battle surge in financial crime attempts, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 23, 2024

Ebury and Nium team to offer cross-border payments in Brazil

Read More

February 23, 2024

MultiPay teams up with Acquired.com to launch Pay By Bank

Read More

February 23, 2024

UNIPaaS unveils AI payment assistant solution for SaaS platforms

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023