Nerve, a challenger bank for musicians, hopes its cluster of features will entice artists to sign up
- Launching on September 15, Nerve provides business and savings accounts.
- The banking app also offers a private networking feature to help musicians make payments and collaborate.
“No documents required. No notarized seals. No EIN whatever the hell that is,” reads the Nerve website. “Just a smart, simple way to manage the money you make from making music.”
Nerve is a challenger bank for musicians based in Austin, Texas that’s readying itself for a September launch. After, it will onboard its waiting list of customers over the next several months. At the moment, Nerve is offering a business account and a savings account with a whole host of other features.
Nerve CEO John Waupsh says that a business checking account can involve high fees and extensive documentation that can put off early-career musicians who want to open a business account. Often, they’re making between $150 to $500 per month, but the ramifications of co-mingling their money or not managing their cash flow. also weighs heavy, by leaving them open to tax issues, among other things.
Waupsh says that banks often don’t have a good understanding of how artists make money or get paid. Artists today can have up to 20 to 50 streams of revenue, not necessarily generating big dollars but contributing to their income nonetheless. Nerve provides a way for artists to consolidate revenue from each source into their Nerve account.
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