Welcome Technologies announced the launch of a new bank account in partnership with Green Dot. The account and Visa card, PODERcard, are intended to help the unbanked immigrant U.S. Hispanic population.
What’s happening: Welcome Technologies turned to Green Dot’s Banking as a Service platform to launch its new account.
- Welcome Technologies’ digital platform, SABEResPODER, serves close to 2 million active members with content and community for immigrants.
- Less than 50% of U.S. Hispanic households are fully banked, according to the most recent FDIC National Survey.
- Welcome’s banking card claims an easy to navigate bilingual interface (Spanish/English) and enrollment experience, and no monthly fees or required minimums.
- The company also offers a financial wellness content library.
“The PODERcard is more than just a debit card or mobile bank account — it’s one of the first of many steps our users will take to secure a more financially stable future for themselves and their families,” said Amir Hemmat, CEO of Welcome Technologies. “We are challenging the status quo to ensure immigrant communities get fair and secure financial options.”
Need for new solutions: Immigrant populations frequently operate outside the traditional financial system.
- A recent Welcome Tech survey of 10,000 immigrants found that 44% of participants stated they used credit cards and 54% savings accounts.
- When immigrants chose to borrow money, only 31% borrowed from banks, showing a persistent distrust in traditional financial institutions.
Green Dot’s Banking as a Service platform offers accounts, branded cards, and payments for firms like Walmart, Intuit TurboTax, Uber, and Stash.
“We are excited to partner with Welcome Technologies to reach this important and underserved community,” said Seth Ross, chief of enterprise partnerships at Green Dot.
“Many families who are new to the United States have trouble accessing basic banking services, and we’re looking forward to helping those families enter the mainstream financial system.”