UK-based Fintech firm OMG officially launched its platform on June 10, 2020.
The company noted via Twitter:
“We are a Fintech startup looking to provide our customers with day-to-day current accounts that will give instant cashback discounts for up to 50% of the purchase price.”
OMG says its services will be supported by thousands of merchants across the UK.
The London-based firm noted that it successfully raised seed round funding last year, which helped with developing its products and to prepare for beta testing.
The company claims:
“OMG is not a modern bank. It is much better.”
OMG accounts come with a payment card, UK account and sort code, support for banking transfers, and P2P payments.
OMG lets users earn cashback discounts at online and offline merchants across the UK.
The OMG team stated:
“We are on a mission to build a digital banking product that will provide you, our customers, significant monetary benefits on your typical day-to-day spending.”
The company added:
“We [aim] to simplify the process of receiving instant cashback.”
Users need only complete transactions using their OMG card to get cashback incentives, the Fintech firm said. After payments are processed, the company automatically pays the cashback discount directly to users’ accounts.
“We want to create an account that provides customers real benefits daily and is not just a money management tool.”
According to OMG’s research, an average user could save up to £1000 in cashback per year by using their service.
The company said that it will be offering accounts to 20,000 London-based consumers, who will be eligible to receive instant cashback options of “up to 50% in over 700 partner merchant locations” the company has in the city.