As autumn arrives, financial services innovators know it is almost time for Money20/20 – one of the largest conferences for payments and financial services innovation in the world. It is a major event for those in, or trying to break into, the financial services industry.
This year CFSI sponsored a scholarship contest – made possible by Discover Global Network – to send two start-ups to Money20/20. Specifically, we sought early-stage startups who are creating products and services that improve consumer financial health. Winners receive a $5,000 cash prize, travel reimbursement and – most importantly – the opportunity to exhibit in Discover’s booth at the conference. It’s a tremendous opportunity to gain exposure and recognition.
Debitize is a personal finance app that automates good financial habits, starting with credit card spending. Debitize lets you use any credit card like a debit card so you can build credit and earn rewards without the risk of credit card interest and late fees. It is compatible with most major credit cards and works by monitoring credit card accounts for new activity, and then automatically initiating a withdrawal from the user’s checking account into their Debitize account. When the credit card bill comes due, Debitize pays it automatically and on time with the funds already in the user’s Debitize account.
Lenny is primarily a credit score building platform dedicated to millennials. The app provides credit lines of as little as $100 and up to $10,000. The funds can be instantly transferred to a borrower’s bank account or debit card and can also be used to initiate peer-to-peer mobile payments. Lenny focuses on upward mobility by enabling consumers who borrow to improve their credit scores by reporting on-time payments and balances to the major credit bureaus.
Both of these companies have built tools to help consumers improve and maintain financial health by encouraging healthy financial habits and offering customers support where it is needed. If you are heading to Money20/20 this year, be sure to come see Debitize and Lenny in Discover’s booth (#421)!