CHICAGO, IL (June 23, 2021) |
Cambio, the mobile banking and financial recovery app, today unveiled its plans to lift the 90 million marginalized Americans who are ineligible for accounts, loans, or other basic financial services.
Cambio offers a simple and straightforward path to financial stability and credit recovery through a subscription-based mobile bank account that provides an alternative credit score. Members grow their score by participating in in-app activities aimed at improving their financial skills. Along their journey, members earn access to cash rewards, credit building services, and access to credit from Cambio’s network of responsible lenders.
Cambio’s banking services alone save its members an average of $1,000 every year compared to using check cashers and money orders. To provide these savings, Cambio partnered with LSC, a payments and banking service, to serve as its bank of record, card issuer, and processor. LSC is also a key investor in Cambio, “We invested in Cambio because of their focus on providing the underserved access to banking services,” says Tom Kane, CEO of LSC. “Their mission directly aligns with LSC’s core mission and we are proud to be the banking home of the underserved.” This partnership provides Cambio’s members access to thousands of fee-free ATMs, cash deposits at thousands of retail stores, and free bill-pay.
But affordable banking was just the beginning…
Cambio: The fresh start you deserve
- Proprietary credit score
- Earned opportunity to refinance existing loans
- Like a gym, for building practical money skills
“There are tons of skill-building apps that help us meditate, diet, and exercise, but Cambio is the first to provide a financial skill-building app” says CEO and Founder, Blesson Abraham. “Our members are eager to change their financial situation, we just give them the skills and tools to do so. Cambio is for the people struggling with damaged credit and just need a 'tell me what to do’ app for their finances.”
Driving members towards financial stability is Cambio’s alternative credit score and financial skills program.
The Cambio Score is a propriety credit score designed to make building credit simple and stress-free. As members improve their Cambio Score they earn access to additional credit building opportunities such as loan refinancing, secured credit cards, and much more. Meanwhile, Cambio’s Skills Program makes growing the Cambio Score second nature.
The Skills Program is redefining the traditional rewards program. It acts more like a personal finance training gym, where members earn rewards as they develop important skills that help them build credit, get out of debt, and save money. As their skills grow, so does their Cambio Score. Each activity also comes with a reward in the form of Cambio Coins. Rewards can be redeemed as cash allowing members to “earn as they learn.”
With the successful completion of their beta program saving participants an average of $50/month, Cambio is now available on both iOS and Android devices. For more information about Cambio, visit www.cambiomoney.com.