Cheese comes at a time when hate crimes against Asian Americans are in a national spotlight. The neobank encourages customers to support Asian-owned businesses by giving up to 10% cash back from debit card purchases at specific retailers, which was a feature added by popular demand.
Lian says the platform is working on accepting forms of identity verification besides Social Security numbers, making accounts obtainable for recent immigrants. Cheese’s app is available for iOS, and an Android version will launch this summer.
Purple: For people with disabilities
Purple seeks to help people in the disability community save money without risking the loss of government benefits. The Supplemental Security Income program provides monthly payments to nearly 8 million people, most of them with a disability. And being in the program is a big way many people qualify for health insurance through Medicaid. But to get SSI, individuals cannot have more than $2,000, or $3,000 for couples, in total value across many assets, including bank accounts.
“Traditional banks’ monthly deposit [or] balance requirements are unsustainable for families who have to navigate the asset limit,” says John Ciocca, founder and CEO of Purple.
He and his brother Christian are the team behind Purple and youBelong, a social media network that connects people with special needs and their families. Purple started as a way to address the money management challenges that Christian and others in the community are grappling with.