4 neobanks present themselves to their communities | Personal finance

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Violet: For people with disabilities, Lian says the platform is working on accepting forms of identity verification in addition to Social Security numbers, making accounts accessible to recent immigrants. The Cheese app is available for iOS, and an Android version will launch this summer.

“Monthly deposit from traditional banks [or] the balance requirements are not sustainable for families who must navigate the asset limit, ”says John Ciocca, Founder and CEO of Purple.

Purple seeks to help people with disabilities save money without risking losing government benefits. The Supplemental Security Income program provides monthly payments to nearly 8 million people, most of whom are disabled. And being in the program is a great way for many people to get health insurance through Medicaid. But to get the SSI, individuals cannot have more than $ 2,000, or $ 3,000 for couples, in total value on many assets, including bank accounts.

He and his brother Christian are the team behind Purple and youBelong, a social media network that connects people with special needs and their families. Purple started out as a way to deal with the money management challenges that Christian and other members of the community face.

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