US-based credit score provision firm, Mission Lane, has acquired finance platform Honeydue (included as WalletIQ) in an undisclosed deal.
Mission Lane offers a bank card service, by which customers can provision loans from taking part companions.
The agency says its acquisition relies on the idea Honeydue might help it construct “progressive and clear monetary merchandise”. This consists of the launch of a brand new Mission Lane debit card, Mission Cash.
“Mission Lane and Honeydue share a purpose of enhancing individuals’s lives by decreasing monetary stress,” stated Shane Holdaway, Mission Lane CEO.
“We’re excited to usher in a group of individuals from Honeydue which have deep expertise utilizing know-how to make finance extra clear and accessible.”
Honeydue has over 500,000 registered customers and operated in six nations and in three languages.
By means of its app, customers can open financial institution accounts and debit playing cards, preserve observe of different accounts and payments, and share data with different individuals, similar to members of the family. Honeydue’s banking providers haven’t any month-to-month charges or minimums and supply monitoring by the app to foster simple communication between events.
Eugene Park, Honeydue CEO and co-founder, will be a part of Mission Lane as its new head of product for Mission Cash.
“We wished to remove a number of the points that intimidated individuals about finance,” says Park about Honeydue. “So, we labored to remove charges, minimums, and different necessities that brought on stress and confusion.”
He provides: “There isn’t any different firm that shares our imaginative and prescient greater than Mission Lane”.