New round to accelerate expansion, support growing demand for embedded savings and intelligent content that strengthen engagement
ANN ARBOR, Mich.–(BUSINESS WIRE)–Plinqit, the only savings platform of its kind that pays users for learning about personal finances, announced today it has raised $5 million in its latest Series A funding round, bringing the total to just under $10 million since its founding.
The funding will support Plinqit’s continued expansion as demand for its platform capabilities increases. Plinqit specializes in providing financial institutions with a cost-effective customer acquisition strategy while also delivering tools that improve their financial wellness.
“Financial wellness is crucial for all of us in financial services”
Nashville-based Fintop Capital and New York-based JAM FINTOP co-led the round, with participation from current investors, including Invest Detroit, a nonprofit lender, investor and partner supporting organizations across Detroit, Michigan Rise, an investor of Michigan tech startups to help commercialize innovative technologies, Michigan-based 4Front Credit Union, serving more than 81,000 members, and others.
Plinqit is unlike any other savings platform on the market. With its patented Build Skills™, users not only interact with content that improves their financial literacy – they are paid to do so. On average, Plinqit costs less than the cost of a traditional savings account for financial institutions and offers a way to build stronger connections. Adding to its uniqueness is Plinqit’s best-in-class virtual account management system (Vi.Ledger), which provides financial institutions the foundation to create their own custom savings program using flexible, virtual accounts within the application.
According to Fintop’s General Partner John Philpott, “At Fintop, we are committed to investing in the next generation of fintechs that are transforming the way financial institutions and their customers manage and interact with money – and that’s exactly what Plinqit is doing. They have a proven product that is creating substantial value for our industry. With this partnership, our goal is to further support their mission and help drive even stronger growth.”
Matt Kelley, Director of JAM FINTOP, said, “Fintechs like Plinqit are driving positive change throughout our industry and helping to solve the challenges faced in the financial world. Their mission aligns perfectly with ours, making this partnership the right fit. We look forward to engaging with them more.”
“Financial wellness is crucial for all of us in financial services,” said Kathleen Craig, Founder and CEO of Plinqit. “We created Plinqit to help builders create solutions that truly help people in a way that is engaging and rewarding. It was critical for us that it was technology that they would want to use – and they are.”
Craig previously led client experience programs for a bank, providing her with a unique perspective on the challenges financial institutions face and what consumers want. From this knowledge, she created Plinqit, engineered with the end-user in mind.
“As we continue to grow, we are excited to collaborate with industry leaders like Fintop and JAM FINTOP, and strengthen our existing partnerships with Invest Detroit, Michigan Rise, 4Front Credit Union and others,” said Craig. “When meeting with potential lead investors for this round, I tried not to be biased, but from our first meetings with John and then with the larger team, it was clear that as former entrepreneurs and industry insiders, they understood our company and shared our vision in a way that excited us all.”
Craig added, “It was also fantastic that almost our entire current investor base participated in this round, demonstrating the strong level of support we have. As we charge ahead, we are thrilled to add Fintop and JAM FINTOP as an exciting new part of the Plinqit team.”
Plinqit is a brand-able, mobile-first platform that is elegant and highly powerful at the same time. Unlike any other savings platform on the market, its patented Build Skills™ pays users for engaging with content, creating higher user engagement for financial institutions. Created by Millennials for Millennials, Plinqit helps financial institutions connect with this important demographic in a meaningful, relevant way – bringing together digital customers, FI’s, and savings in one beautiful place. For more information, visit www.plinqit.com.