Fizz announced the launch of the next iteration of its Money App, which is designed to empower students in managing finances and building a financial foundation.
With the Fizz app, students are reportedly able to check credit scores, gain spending insights, and take financial courses—which is all said to be “free of cost.”
Fizz offers a debit card that helps users build credit, making it an app that combines these digital tools in one place, specifically meant for college students.
Fizz explains that it is trying to address a challenge faced by Gen Z: the lack of proper financial resources for students.
Despite the belief that Gen Z struggles with money management, the issue lies in a system that wasn’t built with their needs. This is concerning when considering that 59% of students worry about covering their expenses.
With financial stress being the cause of students dropping out of college, it’s clear that a solution is needed.
Fizz is stepping in to change this narrative—their data reportedly shows that 75% of students feel financially confident, and more financially independent after using the app.
Scott Smith, COO of Fizz said that financial literacy has plummeted, leaving adults unsure where to start or how to secure their financial futures. Scott added that their goal with Fizz is to offer a solution that educates students on to take control of their financial journey.
While apps allow users to check credit scores, Fizz helps students understand the real-life impact of their credit score. Using its AI, Fizz provides “customized” financial journeys, whether users are starting with “no knowledge” or have varying levels of credit history.
The Fizz Card is a described as a digital tool that pairs credit-building functionality with the convenience of a debit card. The card “automatically” pays itself off daily, freezes when “overspending” occurs, and is said to build credit history in a “responsible” manner.
Features and Benefits:
- Credit Score: Keep track of your credit score easily and for free.
- Track Spending and Budgets: Get personalized insights and monitor your financial habits.
- Financial Courses: Access fun, swipeable courses that teach essential financial literacy.
- Build Credit: Use the Fizz Card to build your credit history without the risk of debt.
- SafeFreeze Spending Protection: The card freezes when you overspend, helping you stay within budget.
Fizz is the money app for students, offering a way to build credit and manage finances through a free download.
With features like credit score checks, spending insights, and engaging money courses (which are offered by numerous other service providers), Fizz helps students take control of their financial futures.
The Fizz debit card, which builds credit “without interest” or overspending aspires to become a “go-to financial tool.”
The firm is backed by investors such as Kleiner Perkins and Y Combinator, and claims it tries to compete with credit cards like Discover, and tools like Rocket Money, and Credit Karma. However, these service providers are much more established and arguably better overall.
Fizz is supported by professionals from Meta, Microsoft, Snackpass, and Amex.