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Status Money transforms into a financial services provider

By Edlyn Cardoza

September 02, 2021

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Status Money, Railsbank, USAInvestment Management, Railsbank, a global Embedded Finance platform, and Status Money, the New York-based personal finance company, are partnering to launch an industry-leading cashback credit card that automatically invests rewards in cryptocurrency.

By partnering with Railsbank, Status Money is evolving from being a financial advice platform to a true financial services company to meet the investment pain points of its customers, providing its customers with an automatic way of turning their everyday spending habits into cryptocurrency investments.

This partnership comes at a time when 45% of Americans have no stock market investments (April 2020 poll by Gallup) and only 14% own crypto (April 2021 report by Gemini). Status Money already helps 400,000+ customers manage their finances and track how they are performing against their peers through its app.

The Status Money branded credit card has been made possible and brought to market in record time, thanks to Railsbank’s Credit-Card-as-a-Service product which lets partners like Status Money provide a fully featured credit card without needing to become a bank themselves.

This card provides an effortless fix for customers as it enables cardmembers to earn 2% unlimited cashback rewards on every purchase and automatically invests the rewards in crypto by default. Members get the investment returns without having to deal with the headaches and tax burden of owning crypto.

Dov Marmor, COO of Railsbank (North America), said: “Credit cards are one of the most commonly used spending mechanisms but over 80% of cards are issued by just the top 10 banks. There are simple reasons for this. Until now, issuing credit cards was an extremely complex and expensive business requiring vast technological infrastructure that meets heavy regulatory compliance.”

“We built Railsbank to enable companies like Status Money to create financial products that offer completely different value propositions, whereas currently big banks can only offer cashback, and more cashback. Railsbank offers this at a fraction of the cost and time that would have previously been required.”

Cardmembers will have full access to Status Money’s Premium suite of financial management tools, including the ability to track and compare their net worth with peers and to video chat with a financial advisor every month.

“We’re giving everyone who spends money the ability to become an investor automatically,” added Majd Maksad, co-founder and CEO of Status Money. “If cryptocurrencies continue their skyward adoption, a member who spends $1,000 a month on this card will have rewards worth over $60,000 in five years. This is life-changing money for most of us.”

“Thanks to Railsbank, we’re taking our business model to the next level and opening up previously untapped revenue streams. We started Status Money with a social budgeting app that gave members new insights into their finances and access to advice – and this credit card is the first in a suite of products that will make it effortless to build wealth.”

Status Money launched its crypto rewards program this month with the credit card following soon after.

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