GoDo and Highnote Offer Financial Inclusion for Americans Living Paycheck to Paycheck

GoDo, a Fintech firm offering same-day, no-fee advances to wage earners, has teamed up with Highnote, a modern card issuance platform, in order to create the GoDo Card, a new card program that provides underbanked workers immediate access “to interim wages with no-fee advances.”

Powered by Highnote’s card issuance platform, the GoDo Card “enables financial inclusion with the following benefits:”

It offers a no fee financial Account with FDIC insured accounts “with no minimum balance and no monthly fees.”

Here are some other features:

  • Fully Functioning Debit Card: The GoDo Card can be used to access cash at ATMs, pay bills on time, and make online and in-store purchases.
  • Interim Wage Access: GoDo offers earned wage access, meaning cardholders can access a portion of their wage as soon as they finish work, as opposed to waiting on a traditional pay cycle.
  • Payment Parity: The GoDo Card provides working Americans who previously lacked access to card and digital payments, the same payment experiences enjoyed by well-banked Americans.

As noted in the update, some banks charge a fee for account holders that are “unable to maintain a minimum balance.”

According to a US Postal Service Study, this “causes the average underserved household to spend 9.8% of their earnings on fees and interest charges, and often resort to payday loans and other predatory lenders.”

The GoDo Card improves financial wellness “by eliminating minimum balance and overdraft fees, and giving members earned wage access to avoid predatory lenders and minimize debt.”

James Ray, GoDo’s CEO, stated:

“Our mission is to create economic inclusion by making banking easy and affordable for hard-working Americans that need access to interim earnings and no-fee financial products. The GoDo Card is the cornerstone of that effort, and Highnote was the only card platform that could deliver what we need, including future capabilities for our users that wouldn’t have been possible using any other solutions in the market today.”

The GoDo card was “created using Highnote’s modernized platform, which provided key benefits,” including:

  • Speed to Market: By serving as both a processor and program manager, Highnote provided GoDo with a market-ready card at a speed unmatched by other virtual card platforms.
  • Differentiation: Highnote’s modular capabilities allow GoDo to build the functionalities that set them apart from competitors.
  • Reduced Cost: The Highnote platform allows GoDo to provide no-fee access to interim wages by reducing operational costs while generating revenue from interchange fees. With the Highnote ledger, GoDo can minimize bank transfers and thus save costs and avoid charges to cardholders.

John Macllwaine, Highnote’s Co-Founder and CEO, remarked:

“We built Highnote to enable companies like GoDo to create truly unique and game-changing payment solutions for their customers. The earned-wage-access market needs modernized payment solutions that can power innovative digital experiences and we’re here to deliver that.”

This partnership is “a significant milestone for Highnote, as they launch with GoDo as the first customer in the earned-wage access vertical.”

This is a $12 billion market that Highnote aims “to address by building more innovative payment solutions for financial inclusion.”

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