Credit and loan company Credit Sesame has announced a new, free digital bank account called Sesame Cash as part of a new digital banking service, with the goal of helping customers grow cash and credit in one place, according to a release.
The account comes with a Sesame Cash debit card, and Mastercard is going to be the company’s exclusive card network.
Sesame Cash gives customers a unique solution, the company said, so that they can reach financial stability, and have help with managing and optimizing credit and cash.
“The majority of Credit Sesame's customers, along with more than half of Americans, live paycheck to paycheck and rely solely on their available cash and credit to live and make daily spending decisions,” the release said. “Approximately 500,000 new members join Credit Sesame each month, and a recent member survey suggests that more than five million members want the new digital banking service offering that integrates their cash and credit.”
Credit Sesame Founder and CEO Adrian Nazari said the company leverages the latest technology, including artificial intelligence (AI), to accomplish its mission.
“Through the use of advanced machine learning and AI, we've helped millions of consumers improve and manage their credit. However, we identified the disconnect between consumers’ cash and credit — how much cash you have, and how and when you use your cash has an impact on your credit health,” Nazari said. “With Sesame Cash, we are now bridging that gap and unlocking a whole new set of benefits and capabilities in a new product category. This underscores our mission and commitment to innovation and financial inclusion, and the importance we place in working with partners who share the same ethos.”
Credit Sesame said it combines an understanding of personal credit with the latest advances in digital banking to bring its customers completely new finance service that will help customers manage their whole wallet in one place.