Savings and retirement wealthtech Lilly set to launch in US
New savings app Lilly Funds is set to launch in the US, designed to help the more than 150 million underserved Americans who don’t have access to retirement services.
Lilly claims to be “the world’s first retirement debit and credit card”
Using open banking platform Plaid, which has 256-bit bank-level security, users will be able to connect their bank and cards to the app.
Lilly claims more than 10,000 financial services institutions are compatible, including Chase, Capital One and Bank of America.
The app will then begin to monitor a user’s cashback, spending habits, bills and transactions and any time a user spends with their connected cards, Lilly will take any cashback accrued and squirrel it away for retirement.
Billed as “the world’s first retirement debit and credit card”, the service will cost from $5 a month.
Founders Kori Handy (CEO), Jeremey Kotai (engineer) and Clinton Senkow (head of growth) have worked at various tech companies over the past 15 years, including PayPal, Intuit and Microsoft.
As designers and engineers, they have worked in executive leadership positions and as founders and co-founders, all with a focus on product strategy and implementation.
They say it’s never been easier to save, but many of the fintechs on the market are concerned primarily with retail stock investing, lending (buy now, pay later), rainy day savings accounts and crypto.
“We noticed a lot of these products are not built from the ground up with your retirement savings in mind, specifically for the medium-lower income folks,” Lilly says.
