The newest fintech unicorn is a credit card, and it’s betting against big banks

first_img continue reading » Philadelphia-based fintech start-up cred.ai has unveiled a new banking platform for millennials, complete with a solid metal credit card, and a mission to disrupt the banking system.The platform, backed by high-profile investors including John Legend and former AOL CEO Tim Armstrong, launched its app and Unicorn Visa Card in beta on August 6 and plans to open applications to all consumers in early Fall. While beta participants include some of cred.ai’s backers, founders are targeting two demographics that inspired the project: banking newcomers and younger Americans distrustful of the financial system.For the newcomers — from recent college graduates to individuals previously unable to apply for credit cards — cred.ai is betting that its proprietary Credit Optimizer tool will be a selling point: it has been designed to help users build credit quickly.Largely in the millennial and Gen Z age bracket, the credit-averse population needs new tools to get past their hesitation and reframe their mindset around credit, according to cred.ai co-founder Ryan Brown. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more