Residential real estate company Flow is partnering with Bond to launch a digital wallet tool.
In a Thursday (Dec. 8) press release, embedded finance platform Bond said the team up was a way to give Flow’s residents an innovative way to manage their finances. Flow is the latest venture by investor and WeWork co-founder Adam Neumann.
“Our partnership with Bond enables us to seamlessly embed financial solutions that help our community and is a stepping stone to the experience we are building; an experience that will fundamentally change what renters expect from their homes,” Flow spokesperson Ilan Stern said in the release.
The companies said Bond would add embedded solutions to Flow’s digital wallet, but noted that they would unveil specific capabilities later.
Flow has received an investment of about $350 million from venture capital firm Andreessen Horowitz, according to a report in The Verge citing The New York Times.
Digital wallets are growing in popularity around the world as a money management tool for businesses and consumers alike.
According to a recent PYMNTS report, “How The World Does Digital: The Impact Of Payments On Digital Transformation,” Brazil, Japan and the U.K. saw the largest rise of in-store digital wallet purchases over the last quarter, with U.K. mobile wallet usage driven by Big Tech apps like PayPal, while Brazil and Japan consumers showing a preference for mobile wallets native to the region.
Another study found that 59% of consumers used a digital wallet as a new payment method in the last year, and nearly two-thirds of shoppers incorporated digital wallets as a regular form of payment in the same period.
Bond’s new digital wallet not only taps into this growing trend toward digital payments, but also reaches a new market in real estate through its partnership with Flow.
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