Plinqit, an Ann Arbor-based savings platform that pays users for learning about personal finances, has raised $5 million in its latest Series A funding round, bringing the total to just under $10 million since its founding.
The funding will support Plinqit’s continued expansion as demand for its platform capabilities increases. Plinqit specializes in providing financial institutions with a cost-effective customer acquisition strategy while also delivering tools that improve their financial wellness.
Nashville-based Fintop Capital and New York’s JAM FINTOP co-led the round, with participation from current investors, including Invest Detroit, a nonprofit lender; Michigan Rise, an investor of Michigan tech startups to help commercialize innovative technologies; Michigan-based 4Front Credit Union; and others.
Plinqit says it’s offering is unlike any other savings platform on the market. With its patented Build Skills, users interact with content that improves their financial literacy. At the same time, they are paid to do so.
“Financial wellness is crucial for all of us in financial services,” says Kathleen Craig, founder and CEO of Plinqit. “We created Plinqit to help builders create solutions that truly help people in a way that is engaging and rewarding. It was critical for us that it was technology that they would want to use — and they are.”
Craig previously led client experience programs for a bank, providing her with perspective on the challenges financial institutions face and what consumers want. From this knowledge, she created Plinqit, engineered with the end-user in mind.
Plinqit’s virtual account management system (Vi.Ledger) provides financial institutions the foundation to create their own custom savings program using flexible, virtual accounts within the application.
“At Fintop, we are committed to investing in the next generation of fintechs that are transforming the way financial institutions and their customers manage and interact with money — and that’s exactly what Plinqit is doing,” says John Philpott, general partner of Fintop. “They have a proven product that is creating substantial value for our industry. With this partnership, our goal is to further support their mission and help drive even stronger growth.”
Matt Kelley, director of JAM FINTOP, says, “Fintechs like Plinqit are driving positive change throughout our industry and helping to solve the challenges faced in the financial world. Their mission aligns perfectly with ours, making this partnership the right fit. We look forward to engaging with them more.”
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