- EverUp is breaking down the barriers to financial inclusion with its fun approach to savings
- Offering the UK’s first digitally native, prize-linked money savings app, powered by Modulr
- Harnessing Modulr’s direct access to the UK Faster Payments Scheme to deliver instant savings gratification
London, UK: 9th of December 2020.
The prize-linked savings app EverUp has chosen the Payments as a Service FinTech Modulr to power its payments infrastructure, including access to Faster Payments.
The partnership means that EverUp will be able to offer its customers the UK’s first digitally native, prize linked money savings app, when it launches in January next year. EverUp hopes to rival other well-known saving vehicles with cash prizes such as NS&I’s Premium Bonds monthly prize draw.
EverUp customers will earn virtual coins based on how much they are saving and as they perform other actions, such as signing up, signing in, levelling up and inviting friends to join. The more they save, the more they will be rewarded with coins that can be used to play games, for the chance to win tax-free cash prizes. Customers never use their own money to play and can withdraw their funds at any time, with no fees.
Modulr is one of the few non-bank payment service providers to become a directly connected participant of the UK’s Faster Payments Scheme, and it holds an account at the Bank of England so that funds are settled directly and held securely; providing reliability for EverUp and security for its customers, who have the assurance of knowing their money is safeguarded.
Giuseppe Caltabiano, CEO and Co-founder at EverUp, said: “While the financial industry has rolled out budgeting Apps and saving features that automate setting money aside, it can be hard for savers to give up short-term satisfaction derived from everyday spending. We replace delayed gratification with instant gratification by embedding instant games, lotteries and gamification into a novel, prize-linked money saving app.”
“Modulr’s fully scalable platform allows us to not only deliver on our customer promises now, but also supports our business ambitions, as we look to expand the product suite by adding innovative new prize-linked products and scale across Europe.”
Myles Stephenson, CEO at Modulr, said: “We are excited to be partnering with EverUp. Its innovative approach to saving will make it more rewarding for many and will enable other non-saving and unbanked households to take that first important step to saving. Unlike the traditional method of saving money, which takes time to yield results, a prize-linked experience instantly rewards efforts, powered by Modulr’s 24/7 payments infrastructure. We look forward to collaborating with EverUp to drive even further innovation in financial services.”
Through Modulr’s API-driven platform, EverUp can easily create individual money accounts* for each of its customers so that they can start funding their account and playing for free, straight away. Faster, real-time payment disbursements allow any winnings to be distributed automatically, while real-time payment notifications enable customers to track their savings progress and see credits against their accounts, instantly.
Modulr’s out of the box payments plumbing has given EverUp the ability to build easily and launch quickly, as well as the scope to scale faster – all from one powerful API platform.
Modulr is the Payments as a Service API platform for digital businesses. It integrates into any product or system. Modulr’s new type of payment accounts are built for businesses that need a faster, easier and more reliable way to move money. Businesses can automate payment flows, embed payments into their platforms and build entirely new payment products and services themselves. All managed in real-time, 24/7 from one API.
Modulr, based in London, Edinburgh and Dublin, powers the underlying payments for customers including EverUp, Revolut, Sage and Iwoca.
Modulr’s API makes it easy for businesses to streamline existing services, launch new products and scale more efficiently. Modulr Finance Limited (FRN 900699) is registered with the Financial Conduct Authority as an EMD Agent of Modulr FS Limited (FRN 900573). Modulr FS Limited is an Authorised Electronic Money Institution, regulated by the Financial Conduct Authority. Modulr FS Europe Limited (638002) is authorised by the Central Bank of Ireland as an Electronic Money Institution.
EverUp is a prize-linked savings startup, launching the first UK digitally-native prize-linked Money account that rewards customers for saving by giving them a chance to win tax-free cash prizes. EverUp’s mission is to make saving fun and get everyone saving. EverUp aims to build over time a full-scale financial hub where their customers can accomplish all types of financial transactions, while being rewarded for solidifying good financial behaviours through a prize-linked suite of personal finance products.
EverUp Ltd, based in London, is a registered EMD agent of Modulr FS Limited which is an electronic money institution authorised by the Financial Conduct Authority (FRN: 900573). EverUp Ltd is entered on the Financial Services Register with reference no. 902939. EverUp has been accepted into the FCA Innovation Hub – Direct Support function.
*Disclaimer: The EverUp savings app is not a savings account provided by a bank. It is an e-money account provided by Modulr under its EMI licence. The EverUp savings app does not pay any interest or dividends.