Neobank Paybby to Bring Crypto Investing to Black and Brown Communities
Paybby, which started out as a marketer to help underserved people access Paycheck Protection Program (PPP) loans, began offering banking services this year after purchasing Wicket in Overland Park. , Kansas for an undisclosed amount in January 2021.
The neobank partners with Radius Bank to offer free savings and chequing accounts insured by the Federal Deposit Insurance Corp. (FDIC) and early access to direct deposits. It also has an automatic savings tool.
The notion of crypto offerings is attracting a lot of interest from the startup’s clients – something Paybby’s chief marketing officer, Miranda Tan, initially said as a surprise.
Paybby is partnering with several cryptocurrency exchange companies to add their services to its app, Tan said.
The neobank allows its clients to register as beta testers for its crypto investment product. It also plans to distribute digital tokens to beta testers via crypto “airdrops”, a popular crypto marketing technique used to generate interest in a particular token.
Paybby’s expansion into crypto comes as growing interest in the space leads financial institutions to decide which side of the digital asset fence they want to stand on.