Never worry about fraud, breaches, or cancelled credit cards

#1 Product of the WeekOctober 08, 2014

Final eliminates the hassle associated with a cancelled card, fraud, or theft. Don't waste time re-establishing your payment relationships. Don't worry about missing important bills or about constantly checking your statement.

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1 Review1.0/5
CTO/Co-Founder of Final here. Final is what we built to take back control of our own credit cards for how and when we’re charged, instead of leaving it up to merchants. That led to merchant-specific numbers and limits, managed automatically, as well as transparency in statements. It’s our stake in the ground, a way to shift the culture in credit towards consumer friendliness. Happy to answer questions from the PH community
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@arfrank How does this actually work? The other one time use programs are all run by the acquiring banks, which you're essentially replicating here but without the acquirer's knowledge. Are you running an authorization on the the bank-issued card in real time and who is the actual merchant of record for the transaction?
@mblevin I touch on this in my comment below, but we're actually issuing a credit card. This allows us to place restrictions on authorization acceptance.
@marothstein So you're an issuing bank and consumers need to be credit approved for the card?
@mblevin Half correct. We are not an issuing bank, but customers will be applying for a new credit card. There are a lot of reasons we went this way, not the least of which is that none of us are satisfied with the products or the business practices of the existing credit card companies. Credit can be a crappy industry for people, and we'd like to do our part in changing that.
@marothstein Gotcha - so your partner bank will be credit approving and taking fraud risk and you'll be running on either Visa or MC's network. Any plans to offer cash back, rewards, or other benefits? I think that would be a critical factor for your target customer that is relatively high end and tech savvy and has a very low (if any) average revolving balance. With a debit product (e.g. Simple) that's less relevant, but with revolving credit, rewards + other benefits (like purchase protection) are basically the only way existing banks are differentiating their credit products.
This might seem like a silly question but why does every tech startup video have the same guy in it? I feel like PH needs /e/ with startups that use the same guy.
@johnnyquachy Honestly, he just does an awesome job. He's hilarious and a pleasure to work with. Plus, Chris Sacca thinks he's worth buying lunch for, so there's that. (
@marothstein @johnnyquachy he does a great job, but did you feel a bit hesitant that he did the Coin video and they compete in your space?
@TimDalrymple Not at all. Coin isn't a competitor of ours - it's honestly a complimentary product. The only thing we really worried about was confusion over the visuals. Adam did a great job avoiding that, though.
@marothstein @TimDalrymple Absolutely, the videos look great. I mean I get that you would hire the same companies (because the production looks awesome) but to pick the same actor is a bit confusing at times I guess. But regardless, great job. As for Coin. I really don't see myself carrying coin and this. If that's the case than the messaging is sending mixed signals.
I posted Plastc yesterday. I couldn't see myself using it..especially pre-ordering it. Now this is something I could see myself using. I hope you guys execute on this @marothstein
@erictwillis That means a lot! We're putting everything we have into this. I honestly believe that Final needs to exist, and comments like yours make us more determined to execute well. That all said, I do hope Plastc, and many of these other companies do well. There are a lot of backwards aspects to payments, and I find it hard to believe that one group can solve them all to the satisfaction of every consumer.
Love the concept. Great video! How do you guys plan to break above the noise with all the Apple Pay, Coin, Stratos Card, etc. hullabaloo? What makes Final final?
@jacobsmith88 Thanks! One huge, fundamental difference between them and us is that we're actually a credit card. We'll work with all of those awesome products - they provide a wonderful experience at the point of sale, but leave out all of the other aspects of dealing with a credit card. We’re covering the bases there and everywhere else. Ex. with Coin or Plastc, a breach still means you have to cancel your card and re-enter payment information with every card-on-file relationship. With us, your relationships are siloed through different numbers, so one number being compromised means you never lose every relationship. You can also cancel an individual number at your leisure. For some additional color, we also control the authorizations, which allows us to place intelligent restrictions on your card numbers. A number you give to Netflix cannot be used anywhere else. None of the products you mentioned allow someone to do this.
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As a victim of 13 credit card thefts in 10 years (and never once lost my wallet), there is definitely a need for this but I want my points/miles/cash back. Care to share any light on a rewards program? P.S. Why the heck would you copy the devil's (Comcast) payment screen?
@mzuvella We'll be offering competitive rewards and plan to release details about that later. There is a lot that needs to improve about credit cards, especially for the people whose chief concern is not rewards, but rather managing their credit usage. We care a lot about making sure that our product offering isn’t just about giving you marginally better points, but rather drastically more control in your financial life. That, by the way, is EXACTLY why we used Comcast. Despite people’s relative dissatisfaction with their business practices, everyone uses them. We are a consumer advocacy company whose spearhead is credit cards. What better way to illustrate that than offer you a way to control the access that merchants like Comcast have to your credit line?
@mzuvella And by the way, you're in good company regarding those thefts... I've seen fraudulent charges on my card far too often over the last few years. It's a huge pain in the ass and a big reason for why we got started.
@marothstein Makes sense. I'm sold.
@marothstein Got hit for $5,500 last week on a card that was less than 30 days old. And why does it always happen right before a trip?
@mzuvella Why would it happen any other time?