Nerve Unveils Collabs
Nerve — the revolutionary mobile banking app for music creators — unveils its latest feature, Collabs.
With Collabs, Nerve users can now instantly open free FDIC-insured* debit accounts for bands, informal music groups, music partnerships and more — offering unparalleled banking transparency across multiple bandmates or partners.
And with its Fast Account Switching feature, Nerve allows a user to toggle between her individual and group accounts with a simple tap, without needing multiple usernames and passwords as with traditional banking apps.
Nerve offers two types of collabs — Legit and Casual. Legit Collabs are designed for formal entities registered with a U.S. state, and require verification of a group’s business status (LLC, C-corp, partnership, non-profit, S-corp).
Casual Collabs are informal and great for bands, groups, songwriter teams, and other collaborations that don’t have formal corporation status.
Each collab has two types of members: admins such as a business manager or bandleader who have complete control over the account, and view-only members who can access a fully transparent accounting of income and expenses all in one place.
“Groups and bands argue all the time about their money, how it’s spent, what the balance is, etc. because only one person can actually see this banking information. That creates stress and mistrust which can ruin otherwise healthy partnerships,” says John Waupsh, Co-Founder and CEO of Nerve.
“Nerve is the first banking and payments app to provide this level of transparency and accountability for all members of a group, so everyone can be on the same financial page at all times.”
Launched officially on September 15th, Nerve offers a multitude of custom-built banking tools designed to help artists manage their business income and expenses and plan for the future.
Nerve was co-founded by John Waupsh (CEO) and Ben Morrison (CTO), who drew upon their fifteen-plus years as fintech innovators to create a streamlined solution to the unique banking challenges of the music business.
Waupsh is also the founder and CEO of Preservation Project, a boutique label dedicated to releasing previously unreleased funk and soul music.
It was in that role that he first identified the need for a modern, sophisticated banking service catering to independent musicians.
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