Saturday, June 15, 2024

Female-Founded Debt Payoff Startup Unlocks Lowest Interest Rates in the U.S. and Gives Cash Back Rewards to Fix the $1 Trillion Credit Card Debt Problem

Debbie, the female-founded fintech startup that gives consumers cash rewards for paying off their debt and saving, today announces the launch of its Rate Crusher Marketplace, which unlocks the lowest APRs in the U.S. By exclusively partnering with credit unions, Debbie is giving consumers access to rates 50% lower than the industry average, aiding in the quest to fix the historic consumer debt crisis. This comes at a time when the rate of new credit card delinquencies has rebounded to its pre-COVID level, and credit card debt in the U.S. has surpassed $1 Trillion according to the Federal Reserve Bank of New York.

Instead of offering rewards for spending MORE money, Debbie is a debt payoff platform that offers rewards for spending LESS, paying off debt and saving. The company also offers a behavioral change program and best-in-class financial products that create long-term results for consumer debt and insolvency. From its initial launch, its gamified and incentives-driven approach has resulted in users paying off 3x more debts by using the platform and adding an average of $60/month to their savings.

“Existing marketplaces have ignored credit unions in favor of higher interest, newer fintech options at the detriment of consumers. Today, Debbie is bringing tech-enablement to credit unions to give consumers the best of both worlds,” says Debbie CEO Frida Leibowitz.

Through Debbie’s Rate Crusher Marketplace feature, users can pay off their debilitating debt at the best possible rates available with vetted credit unions, allowing them to see their chances of approval and interest rates without an initial hard credit inquiry. These selected credit unions also have open banking connectivity and mobile/web apps so users can easily manage their accounts anytime, anywhere. A Debbie user, Michelle, was able to refinance her $20,000 debt (originally at 20% APR) with a 9.24% loan through Debbie, saving her over $5k in interest charges and bringing down her monthly payment significantly.

Founded by two female consumer finance professionals who have experienced crushing debt themselves, Debbie was named one of 2022 and 2023 Finovate’s Best of Show and is advised by executives from today’s leading fintech and behavior change companies such as Marcus by Goldman Sachs, SoFi, and Noom. It is backed by One Way VC, BDMI, TA Ventures, Liquid2 Ventures, Green Egg Ventures, and Village Global.

In the next 6 months, Debbie plans to enhance its Rate Crusher Marketplace with an AI-enabled rate search that pulls all available loan offers on the market while automating the application process.

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