Onuu Announces Launch, Merging Financial and Insurance Products Under One App
Onuu, the all-in-one banking and insurance solution, today announced the national launch of its mobile app, now available in 45 U.S. states. Co-founded by serial entrepreneurs Felix W. Ortiz III and Ryan Wuerch, the highly anticipated app has garnered 600,000 waitlist members and is geared to help Americans of modest means achieve financial security.
In the U.S. today, there are 166 million Americans of modest means who–because of outdated financial systems using factors like credit score, age or address–are excluded from the American financial services system.
The Onuu app is addressing these challenges head-on by leveraging artificial intelligence (AI) and machine learning (ML) in a revolutionary way. As AI and ML built on old frameworks continue to dominate the most basic automated processes in modern life, like applying for a credit card, AI bias often prevents Americans of modest means from accessing essential financial tools. Onuu is building modern technology using that same data to create new models designed to fit the needs of the people, paving the way to financial freedom all under one app.
Onuu’s suite of tools includes the following:
- Life insurance: Every Onuu member receives a guaranteed offer of life or accident insurance. Onuu has created a custom, one-of-a-kind insurance product for this demographic.
- Checking and savings accounts: Onuu is offering customers competitive rates of 2% APY with its Growth Saver account.
- Budgeting: Onuu’s auto-budgeting feature allows users to effortlessly budget for the things that matter to them.
- Debit cards: Onuu’s smart debit card, in partnership with Visa, allows users to see where their money goes and plan accordingly, accessing their money anywhere at any time, and spending without debt.
- AI-powered advice: Onuu’s AI personal finance coach Candi, named after Felix’s grandmother, will provide personalized recommendations based on users’ behaviors and financial goals.
- Financial Security Score: Onuu members get access to their Financial Security Score, which uses machine learning models to factor in their income, regular and irregular expenses, insurance, savings, health, and financial behavior to determine a holistic measure of their overall financial well-being.
“The launch of Onuu is a pivotal moment in financial security for many in this country. The American financial system is not built for the majority of Americans and Onuu is working to change that,” said Felix W. Ortiz III, CEO and co-founder of Onuu. “I have my grandmother, Candi, to thank, not only for her tenacity in overcoming these financial obstacles but for inspiring me to implement change for generations after her.“
The vision for Onuu stems from Felix’s grandmother, Candi, who, like so many others, experienced the difficulty of navigating the financial landscape in the U.S. when she moved to New York from Puerto Rico. The tools to help provide financial stability and security were not easily available, fueling Felix’s desire to make a change.
“Onuu offers something that no other financial services company offers – a chance to not only get a credit card but the financial management tools to help you build your credit and establish financial security,” said Onuu waitlist member, Carla Francesca Soderberg. “With Onuu, my value as a person isn’t based on my credit score or bank account balance, but on who I am, which is incredibly important to me as someone on a very fixed income.”
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