Plinqit, an Ann Arbor app company that pays users for learning about personal finances, recently raised $5 million in its latest Series A funding round. Plinqit founder and CEO Kathleen Craig says the support will further Plinqit’s goal to improve people’s financial wellness.
“Every time we have a user who successfully reaches their goal of saving for the first time, or learns about their credit score through our Build Skills module, that’s success for us,” Craig says. “We’re really grateful for this capital, which will allow us to reach more customers, which then reaches more end users and furthers our mission.”
Plinqit users begin by creating a Plinqit account and linking it to an existing bank account. They can set up to five financial goals, decide how often and how much to save, and receive rewards for referring friends and learning financial skills.
Plinqit makes money licensing its app to banks and credit unions. Among Plinqit’s customers are Brooklyn, Mich.-based Bank of Michigan (which was among the earliest adopters), Chelsea State Bank, and Traverse City-based 4Front Credit Union. Plinqit helps banks roll the app out to their current employees and customers, and then helps them acquire new app users and new bank customers.