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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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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.

Read more

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.

Read more

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

Today’s stories

Binance is ramping up efforts to seize market share with free trading
Binance is waiving fees for a month for customers trading ether, the second-biggest digital token. The initiative comes ahead of a widely anticipated upgrade to the ethereum blockchain. Known in the industry as the Merge, it promises a shift from an energy-intensive digital ledger system described as “proof of work” to a “proof of stake” model that will vastly shrink its carbon footprint. (FT)

Solid raises $63 million to expand fintech-as-a-service into new verticals
Fintech-as-a-service platform Solid Financial Technologies has raised $63 million in a Series B funding round to speed up its expansion into new verticals, including travel, logistics, construction, healthcare, education, and the gig economy. With this platform, companies can launch and scale fintech products with just modern APIs and a few lines of code, rather than years of effort and millions of dollars in costs. (PYMNTS)

CFPB warns banks on increasing digital advertising spending
Banks, credit unions, fintechs, and other providers keep increasing digital advertising spending, because that’s where people are now. But the CFPB has fired a warning shot. Officials believe third-party digital marketers — and their technologies — are wielding too much control over who sees which ad campaigns. (The Financial Brand)

Revolut Business is celebrating two big milestones this month
Revolut Business has achieved two milestones this month – they turned the grand old age of five and hit £100 billion in total transactions processed. Today, hundreds of thousands of businesses across Europe and the US use Revolut Business to manage payments, sales, FX, and employee spending. (Revolut)

Michael Goodbody’s journey to CMO of Dave
Challenger bank Dave’s CMO Michael Goodbody discusses his marketing process, his focus on products that achieve what people are looking to do, countering the competition, and the type of talent he’s looking for in marketing today. (a.list)


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