Start-up TandemMoney is slated to launch in
the US in October to target the underbanked and unbanked
segments.
The TandemMoney product range will include a
MasterCard branded prepaid, a savings account and line of credit.
TandemMoney’s products will be provided by two financial
institutions – Florida-based Urban Trust Bank and Iowa-based
Premier Bank.
Go deeper with GlobalData
More than one quarter (25.6%) of all households in the US are
unbanked or underbanked with such households disproportionately
low-income and/or comprised of members of certain minority
groups, according to the national survey of unbanked and
underbanked households – a report conducted on behalf of the FDIC
by the US Bureau of the Census.
Deposits into the TandemMoney account are
FDIC-insured.
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