Neo-bank Moven has struck deals with loan refinancing startups CommonBond and Payoff as it seeks to burnish its "financial wellbeing" credentials.
CommonBond acts as a marketplace where users can refinance student loans, claiming to save borrowers more than $14,000 in average over the life of their loan. Payoff's platform helps users pay off their credit cards.
Moven customers who become Payoff loan members will receive a $100 credit to their Moven account, while those who become CommonBond customers will receive a $200 credit and a 25 basis point discount off their monthly repayment of their student loan when they pay via Moven.
Moven says that with many of its customers having credit card and student loan debt, incentivising them to pay their balances through these app partnerships allows them to easily manage and improve their financial health.
Alex Sion, president, Moven, says: "The ability to offer better refinancing options on their student loans and better incentives to pay off their monthly credit card debt is a huge value add for our Moven customers."