CapWay, Inc., a financial technology startup based in Atlanta, has announced the launch of its neobank, the core service in its financial system of inclusive products and services. With a CapWay Money Account and CapWay Visa (virtual and physical) debit card, benefits include the ability to make online transactions, send and receive money, and round-up change per transaction to direct towards “Money Goals.”
Prior to launching, the company had amassed a lengthy waitlist of individuals interested in opening an account, which CapWay onboarded over the summer. Now open to all, consumers can download the CapWay mobile app or visit the website to open a CapWay Money Account; create, save, and collaborate on Money Goals; consume financial content; and enroll in financial programs.
With CapWay Money Accounts, there are no monthly, minimum balance, nor overdraft fees, and account holders can get their direct deposit early, which allows more of their money to work for them. CapWay’s saving product, Money Goals, enables users the option to share their money-saving progress or ask for financial contributions from family and friends to achieve their Money Goal.
In addition to a debit card, CapWay offers financial content and education through its platform. CapWay financial literacy programming, called Phunds, is available to different organizations – including employers, schools, and community organizations. Individuals can also subscribe to Phunds programs and modules.
Other content includes Learn Money – articles, videos, and infographics –Â and Money Talk, a place to vote on polls and have conversations with other CapWay users about hot financial topics.
“There are many financial gaps in the traditional banking and financial system. Whether it is income, access, digital, or information gaps, they all impact the working-class American’s ability to get ahead,” says Sheena Allen, CEO of CapWay, Inc. “My vision for CapWay is to build an inclusive financial system and offer access and opportunity to everyone – especially those who have been misunderstood, overlooked, and underserved. We have to start at the root of the systematic challenges and address those issues by first filling the gaps to allow people to improve their financial health and ultimately help them create generational wealth.”
CapWay operates under direct business-to-consumer (B2C) and indirect business-to-business-to-consumer (B2B2C) models through CapWay’s partnership model.
“As a founder from a rural, underbanked community, I recall discussing the impact of the cashless economy years ago when CapWay was in the idea stage. We then went into stealth mode and considered and understood the forever impact of COVID-19 on banking. And with that, we are ready to bring innovation to the financial service industry for those who need it and deserve it the most,” adds Allen.
Initialized Capital led the pre-seed funding round for CapWay, Inc. CapWay’s seed round included investors Y Combinator (S20), Khosla Ventures, Softbank Opportunity Fund, Commerce Ventures, Fearless Fund, Valor Ventures, Indicator Ventures.
