betterbanking.app

Bank that fights medical debt with a free $5K emergency fund

9 followers

Bank that fights medical debt with a free $5K emergency fund

9 followers

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Get your paycheck in betterbank.app and claim $5000 of no-fee insurance in case of a medical emergency. We help cover! 🚨 E.R. 👩‍⚕️ Medical bills 🏠 Rent 🛒 Groceries 💼 Lost income 💯 Not a loan, no need to pay us back. 🕊️Benefit-Corp 👉Read our story

Launch tags:Freelance•Fintech•Payments

Launch Team

Migma AIEmail marketing from Grok Bot

Promoted

betterbanking.app

Maker

Hey there PH! I am Kaushik, co-founder and CEO of betterbank.app! We are two brothers who built betterbank after struggling with medical debt ourselves. As freelancers living in NYC, we realized the biggest challenge to our finances was a one-off medical emergency that left us with hospital bills and unable to work for a while. This is true for the majority of Americans. So we built a checking account that comes with a free emergency fund! The emergency fund is an insurance policy that will pay up to $5000 directly in your betterbank account in case of a medical emergency. It's not a loan, you don't have to pay it back. We can help cover out-of-pocket expenses that health insurance doesn’t cover like deductibles, lost wages and even rent! We fund the insurance safety net using “interchange fees” i.e everytime you use the betterbank debit card, we get a small % from the merchant which means zero fees for you! We are starting to onboard our first users so comment below or hit us up at founders@betterbank.app if you are interested! Cheers Kaushik & Saumik! P.S: we are all ears for any medical debt horror stories that you may have! Please share :)

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6yr ago

@betterbank @kaushikktiwari Hi Kaushik, I really like the idea. I wish I could have used this in India. The website cleared all the doubts I had about the product, its clean, minimal and to the point. Keep going, brother.

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6yr ago

betterbanking.app

Maker

thanks Utkarsh! I appreciate the words of encouragement! Please share it with your friends!

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6yr ago

betterbanking.app

Maker

And we might be coming to India soon, you never know ;)

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6yr ago

@betterbank @kaushikktiwari YO BRO!!!!!! THIS IS SO AWESOME!!!! omg, glad you guys are fine. The blog is really inspiring! Glad this app is launch. Congratulations on the launch!!!!! Much love from me, from Singapore 🇸🇬

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6yr ago

betterbanking.app

Maker

Thanks Fajar! And glad you took the the time to read the blog! Have a great evening and rest of the week. Sending best wishes to Singapore!

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6yr ago

Hoverify

Just checked out the video for betterbank. Definitely one of the better promo videos I've seen since Robinhood.

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6yr ago

betterbanking.app

Maker

@zicsus Thanks! We are proud of the video!

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6yr ago

Wow! This is a game changer especially for 3rd world countries bro. How can this be implemented in kenya?

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6yr ago

betterbanking.app

Maker

@nextstevejob we make money through debit interchange---that's how we fund the safety net. Does Kenya have transaction fees charged on cards? Also would love if you can share with others in the Kenyan startup scene!

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6yr ago

I'm having trouble finding you on the FDIC Bank search. Is there a way you can verify yourself before I hand over my information and bank accounts?

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6yr ago

betterbanking.app

Maker

@klusch great point! We are working with partner banks who are FDIC insured---we are not a bank ourselves. Our signup process rn is over the phone because of KYC requirements---I got your message on our FB page. Will reach out and explain who our partner bank is etc offline! Thanks for the comment! Give us a couple of days, as its very busy and the weekend is almost here!

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6yr ago

Dolphin

Congrats on the launch Kaushik! This is a really compelling idea and I'm excited to see where this goes. Just downloaded and referred a couple of friends (first time I'm referring friends to an app in a while!).

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6yr ago

betterbanking.app

Maker

@gxzliu Thanks George! Thanks for making an exception for us ;)

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6yr ago

@gxzliu referring your friends to get scammed by two con artists it’s sad

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5yr ago

Looks awesome, congrats on the launch! Medical debt is a real problem so it's great that you're focusing on that angle! How do you determine if someone qualifies for that $5k? Also, how do you anticipate sustaining the ability to do that? Debit interchange is great, but it's not as lucrative as credit. It seems farfetched that you can give someone a free $5k without raising significant VC money and/or getting significant scale, and it seems like there needs to be some pretty stringent conditions for accessing $5k to make unit economics work. For example, if a customer signed up for this on day 1 and on day 5 gets a medical emergency - you'd give a free $5k right there and then? Would love to hear your thoughts!

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6yr ago

betterbanking.app

Maker

@tim061693 Tim, I love what you guys are doing at Pluto. And I appreciate these questions. They are very fair---and they need to be asked. We have pretty good responses for most of these! This is not the right forum to have that discussion. Maybe we can connect offline sometime. Good luck to you and the rest of the team at Pluto! We are looking forward to learning from you!

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6yr ago

Really like the mission and value proposition! Kudos. Are you planning any new features or functionality in the near future?

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6yr ago

betterbanking.app

Maker

@david_coonin Thanks for stopping by. For now, we are laser focused on our core value prop of a safety net against emergencies---we are a startup, can't afford to dilute the value prop too much yet. But, yeah sky's the limit! We are a betterbank after all ;)

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6yr ago

@kaushikktiwari thanks for the reply. If you are building out your financial offerings, our company, Productfy.io offers “fintech building blocks” (KYC, KYB, card issuance, bank accounts, ACH transfer, background checks, credit reports and more) under a common API with stacked workflows. Seems highly applicable to many of the use cases. Happy to jump on a call and demo or you can play in our sandbox here with no commitment: https://user.productfy.io/user/s....

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6yr ago

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