Anda Launches, Driving Hispanic Financial Inclusion

Digital Banking

Digital bank account Anda, launched by Assembled Financial, is striving to help the Hispanic population boost wealth with a cryptocurrency-centered rewards program, LA Business Journal reported on Monday (Jan. 3).

Assembled Financial, a subsidiary of Assembled Brands launched in 2020, created Anda to deliver a digital solution for financial services that target the specific needs of the Hispanic community. The digital-only account is insured by the FDIC and centers on a loyalty program that rewards customers with Moves tokens when deposits are made.

See also: LATAM Consumers Embrace Neobanks as Legacy Bank Infrastructure Stifles Digital Transformation

“The Anda (bank account) kickstarts customers’ journey to financial freedom by creating a bridge between everyday banking and the frontier of cryptocurrency, managed in one app,” Assembled Financial CEO Michael Keeslar said.

Keeslar added that in the past 10 years of digital banking innovation, there hasn’t been a product aimed at Hispanics, which is the biggest minority group in the U.S. and expanding at a faster rate than any other ethnic classification.

He said that about 50% of the workforce at Assembled Financial is Hispanic and 80% are minorities. The company is headquartered in West Hollywood, California.

Read more: Latino-Focused Lender Oportun Scraps Bank Charter After CFPB Probe

When Anda’s customers stake their Moves Tokens — which is the process of locking up their coins to support the blockchain network — they can double the number of tokens they receive in a year, according to the news outlet.

“Hispanics are eager to learn about and participate in the crypto economy,” Liz Sanchez, Assembled Financial chief marketing officer, said in a statement. “To support Hispanic individuals and communities in adapting to new financial technologies, Anda offers an easy-to-understand digital app with tools and resources.”

Anda’s deposit accounts are provided by MetaBank in South Dakota via a partnership with Assembled Financial.

You may also enjoy: Consumers Want to Buy Crypto, Spend Using Points From Rewards Programs