Payments, Podcasts

Binji launches, wants to be the only card in your wallet

  • Consumers have a lot of credit cards to manage.
  • New banking app Binji provides an innovative hardware and software solution for card consolidation.
Binji launches, wants to be the only card in your wallet

If you’re like most people, you have too many cards in your wallet. Fintech entrepreneurs have tried to tackle this problem from a variety of ways — from new hardware solutions to developing reward programs so good that you wouldn’t want to use another card. No one has quite succeeded. In fact with all the challenger banks and metal cards out there, we have more options to weigh down our wallets than ever.

This is exactly the use case and problem Binji tries to solve. It’s hard exactly to describe what Binji is. First and foremost, it’s an innovative Bluetooth-enabled card that can load two dozen other credit cards onto it. And because it’s smart hardware, it can communicate with other apps, your phone and even has a small readout screen on the card itself. Binji’s been in development for over a year and includes a bunch of functionality like P2P payments and early access to paychecks.

Binji launches today and we sit with CEO Ryan Marquis and CTO Joe Callahan to better understand the Binji product and the problems it addresses.

SubscribeiTunes I SoundCloud I Spotify
The following excerpts were edited for clarity.

Founding story

We’ve been working together in stealth mode for almost a year to solve the consumer experience of too many cards in a wallet. We combine card consolidation technology, P2P payments and what we’re seeing in the app-based banking world.

Binji’s digital display Mastercard can load 24 other cards

How Binji’s card consolidation tech is different

We believe we’re the most complete personal finance solution that’s come to market. It entails our digital display Mastercard that allows anyone to load any number of debit or credit products from our app. From those products, they can fund their Binji card. Similar companies that attempted to come to market tried to do this all with a hardware solution. We’re a hardware and software solution. All of the card consolidation from those cards to a Binji card occurs in our cloud.

Online and card-based banking

We’re also an app-based banking solution. Consumers get an account and routing number. You can use direct deposit to fund an account and get paid two days early on a payday advance. We built out a full P2P payments platform so that Binji users can send each other money. We think Binji is a complete solution that can compete with the challenger banks.

Tech stack

With our experience in the tech space, we wanted to make sure we were vertically integrated. So, we took sole responsibility for the app, platform, and cloud environment. As opposed to bringing in other technology, we wanted to make sure we owned it, controlled it, and can expand it to make it interoperable with other environments.

Insurtech, Podcasts

Fabric’s Adam Erlebacher: ‘No one wakes up thinking about how to buy life insurance’

  • Buying life insurance via digital channels isn't just about getting a policy.
  • Firms like Fabric are using a collaborative planning process to nudge customers the right way.
Michael Deleon | September 09, 2019
Payments, Podcasts

Deep Dive: Beautiful design and functional innovation come to the physical card

  • The excitement around Apple Card has drawn the light to innovative physical card design.
  • Tearsheet's Sara Toth Stub describes what's going on in the physical world of fintech.
Zack Miller | September 05, 2019
Awards, Podcasts

Best Bank + Fintech Partnership Award 2019: TD Bank and Hydrogen

  • In Tearsheet's first Bank + Fintech Partnership Award, we're highlighting TD Bank's work with Hydrogen.
  • We talked to executives from both companies about the ingredients for success on this collaboration.
Zack Miller | September 04, 2019
Payments, Podcasts

Ingenico’s Eric Liebman on payment trends in the travel industry

  • Payments in the travel industry must take into account different types and currencies.
  • On the podcast, we discuss the challenges and opportunities for travel payments.
Michael Deleon | September 03, 2019
Artificial Intelligence, Podcasts

Flybits’ Hossein Rahnama: ’90 percent of digital transformation budgets are spent on managing IT complexity’

  • Banks struggle to provide automated recommendations.
  • Flybits wants to remove the IT complexity that eats away at their time and budgets.
Zack Miller | August 27, 2019
More Articles