A new startup is hoping to encourage Americans to build their personal savings by removing a pesky element from the process: math.
The Lincoln, Nebraska-based Hip Pocket — which Bank Innovation notes began as a lead generation tool for mortgage and retirement products — is soon to roll out Hip Money, a mobile app that offers savings suggestions and facilitates deposits based on users' incomes and goals.
The app, which premiered in September at FinCon in Charlotte, N.C., includes a feature called "Swipe to Save," which works just as its name suggests — users are periodically prompted (based on their aforementioned preferences) to move a specific amount of money into their savings account; should they choose to do so, the action is affected with a swipe. Hip Pocket CEO Mark Zmarzly expressed his belief to Bank Innovation that the simplification of the savings process — particularly removing math from the equation — is central to Hip Money's effectiveness.
In addition to its Swipe to Save feature, Hip Money — which, Zmarzly shared with the outlet, can be white-labeled and made part of an existing mobile banking app — contains other personal financial management tools and analyzes its users’ cash flows to help them meet their particular savings goals.
Hip Pocket, which itself won runner-up at the FinTech startup competition at FinCon last month, is currently raising an investment round of $500,000, Bank Innovation reports.
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