Daily Tearsheet: Highnote and GiveCard launch prepaid debit card for direct giving, and Timberland Bank’s savings program pays customers to learn about finances


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Daily Tearsheet: Highnote and GiveCard launch prepaid debit card for direct giving, and Timberland Bank’s savings program pays customers to learn about finances

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Digitizing philanthropy: Highnote and GiveCard co-create prepaid debit card for direct giving

45% of American nonprofits have budgets set aside for low-income and vulnerable individuals. Historically, this money has been used to provide services to people in need, but recent research suggests that direct giving garners better results – including reduced poverty and increased school attendance.

With this in mind, Highnote and GiveCard decided to collaborate and create a prepaid debit card to aid donor organizations in distributing cash directly to those in need.

The card can be issued and controlled from GiveCard's platform, where donors also get data on where their funds are being spent, and what their beneficiaries' spending habits are.

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Timberland Bank offers a savings program that pays customers to learn about finances

Ranking 51st in American Banker’s Top 200 Publicly Traded Community Banks in 2022, Timberland Bank has been serving communities across Washington state for almost a century. With over $1.8 billion in assets, the bank recently announced a partnership with Plinqit, a digital savings tools provider that pays customers for engaging with educational materials.

Thanks to their big budgets and engineering teams, large FIs have been able to compete head-to-head with fintechs over the past couple of years. Meanwhile, community banks have had to contend with their traditional opponents as well as fintechs, with a fraction of the technical and financial prowess.

In this environment, partnerships like these allow smaller banks to offer the latest and greatest in their customer experience without having to build complex solutions of their own.

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Just look at the charts

1. Is BNPL profitable at all?

Source: Theodora (Theo) Lau

2. What working for a fintech looks like

Source: Neera Bhardwaj

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Revolut Business is celebrating two big milestones this month
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