Swell is a fintech company that was founded with the aim of helping customers save one billion dollars in credit card interest. The company’s flagship product, Swell Cash and Swell Credit is an integrated bank account and line of credit that is designed to help customers manage their spending and tackle their debt.
Swell Cash is a free high-yield checking account that earns interest on customers’ deposits. It is a fully FDIC-insured account, meaning that deposits of up to $250,000 are insured by the Federal Deposit Insurance Corporation. Swell Cash offers a 2% APY (Annual Percentage Yield) on all balances, which is significantly higher than the national average of 0.05% offered by traditional banks.
Swell Credit, on the other hand, is a low-interest line of credit that is designed to help customers consolidate their high-interest credit card debt. Swell Credit offers interest rates as low as 5.99%, significantly lower than the average credit card interest rate of 16.28%.
By combining Swell Cash and Swell Credit, customers can effectively manage their spending and tackle their debt. With Swell Cash, customers can earn interest on their deposits while also keeping their spending in check. With Swell Credit, customers can consolidate their high-interest credit card debt and save on interest charges.
The Swell app is available for both iOS and Android devices and is designed to be user-friendly and easy to navigate. The app provides customers with a real-time view of their account balances, spending, and credit utilization. Customers can also set up custom alerts to notify them when their balances are low, when a bill is due, or when they have exceeded their credit limit.
Swell’s commitment to customer education is also noteworthy. The company provides a range of educational resources, including blog posts, videos, and webinars, to help customers better understand personal finance and debt management. The company’s blog covers a range of topics, including budgeting, saving, investing, and credit scores.
Swell’s mission to help customers save one billion dollars in credit card interest is a bold one. Still, the company has the potential to make a significant impact in the fintech industry. According to a report by CreditCards.com, the average American household carries $8,398 in credit card debt. With Swell Credit’s low-interest rates, customers could potentially save hundreds or even thousands of dollars in interest charges over the life of their debt.
Swell’s business model is also noteworthy. The company generates revenue through interest charges on Swell Credit and by investing customers’ deposits in low-risk, high-yield investments. This means that the company’s success is directly tied to its customers’ financial success. By helping customers save money and manage their debt, Swell is able to generate revenue while also making a positive impact on its customers’ lives.
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Swell’s commitment to social responsibility is also evident in its approach to investing. The company invests its customers’ deposits in a portfolio of socially responsible investments, including renewable energy, clean technology, and sustainable agriculture. Swell’s investment philosophy is based on the belief that investors can earn a competitive return while positively impacting the world.
The company’s commitment to social responsibility has not gone unnoticed. In 2017, Swell was named one of Fast Company’s Most Innovative Companies in the Social Good category. The company has also been featured in a range of media outlets, including CNBC, Forbes, and The New York Times.
Swell’s approach to personal finance and debt management is unique in the fintech industry. The company’s integrated bank account and line of credit provide customers with a powerful tool to manage their spending and tackle their debt.