Welcome Technologies has launched a new bank account through a partnership with Green Dot [NYSE: GDOT].
The new bank accounts and Visa card, PODERcard, are mainly for the unbanked immigrant US Hispanic population.
Welcome Technologies is using Green Dot’s Banking as a Service (BaaS) platform to offer the new accounts.
Welcome Technologies’ digital platform, SABEResPODER, currently serves around 2 million members, which includes relevant information and community developments as they relate to immigrants.
Fewer than 50% of US Hispanic households have access to modern financial services or are fully banked, according to a recent survey conducted by the FDIC.
Welcome Technologies’ banking card features a user-friendly and intuitive bilingual user interface (both Spanish and English). The option does not require that users pay any monthly fees or maintain any minimum account balance.
Welcome Technologies also provides a financial wellness content library.
Amir Hemmat, CEO at Welcome Technologies, stated:
“The PODERcard is more than just a debit card or mobile bank account — it’s one of the first of many steps our users will take to secure a more financially stable future for themselves and their families.”
“We are challenging the status quo to ensure immigrant communities get fair and secure financial options.”
Around 44% of 10,000 immigrants responding to a survey performed by Welcome Tech said that they had use credit cards while 54% reported using savings accounts.
Only 31% of immigrants that borrow funds use regular banks, which suggests that they might not be comfortable working with traditional service providers.
Green Dot’s BaaS provides accounts, branded cards, and payments for companies such as Stash, Intuit TurboTax, Uber, and Walmart.
Seth Ross, chief of enterprise partnerships at Green Dot, remarked:
“Many families who are new to the United States have trouble accessing basic banking services, and we’re looking forward to helping those families enter the mainstream financial system.”