Published in


Our Manifesto

Unifimoney is a highly unorthodox approach to banking

Designed to maximise returns to customers whilst seeking to eradicate the effort required to do so

Source: Thesaurus.cm

We recently completed an intensive period of research and analysis and created a list of 18 ways in which traditional banks generally fail their consumers. Unfortunately, we’re forced to use them because there is no real alternative.

That reality has led to the wave of neobanks, but even these new offerings still fall short. A simplified checking account, debit card, and app are great for people new to banking or with extremely limited needs. But they’re just not a realistic option for anyone used to a fully featured traditional bank account, as well as the associated services like a high-value credit card.

Faced with no alternative, Ben and Ed — two British guys living in the Bay Area with over 4 decades of experience in payments, banking, and FinTech — decided to do something about it. So, they created the solution they’ve been looking for.

It’s both Ben and Ed’s first time as founding a company, but they’ve been guided by a strong conviction of what to build. That led them to create Unifimoney, a very different type of neobank.

Here’s how:

High-performance banking for high-performing people

  1. We’re the only full-service neo-banking solution catering to high earners. We believe everyone deserves better banking and the opportunity to build and protect their financial resilience. We offer a single account that uniquely integrates a high-yield checking account, a credit and debit card and an investment platform.
  2. We align the economic interests of the company with the users. To pay for exorbitant ad budgets, executive salaries, and upkeep on thousands of brick-and-mortar locations, traditional big banks have no economic interest in giving money back to consumers. To succeed, Unifimoney will align with and deliver on value to consumers.
  3. Technology helps us keep costs ultra low, so we can give more back to users. We have no private jets, no fancy offices, and no costly, meaningless ad campaigns — instead our bang-up-to-date tech and our product will speak for itself. This means we can afford to give more back to users while still being sustainable.
  4. We explicitly pursue transparency and fairness. Our best users are not penalized by having to subsidize inactive ones. We believe in a fair exchange of value. Our pricing is designed to be clear, transparent, and fair and to maximize returns to our users.
  5. We deliver value by giving back over 90% of the money earned from consumers spending, saving and investing. Traditional big banks retain over 99%
  6. We use technology and product design to automate personal financial management. Maximizing deposit interest, redeeming benefits and reward from card spend, and dollar-cost averaging all work to effortlessly optimize your passive income today, while growing a long-term investment fund.
  7. We don’t engage in sketchy offers and paid advertising. There is no reason for banks to spend at levels in excess of consumer product brands. Instead, we rely on our users to be our channel to market, believing money is better spent maximizing returns to users.
  8. You get 100% of your cashback from credit-card spend. No “breakage” or unused points — all your cashback is auto-invested into your investment account.
  9. We aim to offer the highest APY of any true checking account on the market. By offering a true DDA account (most neo banks are virtual accounts), we can deliver all and more of the features and functionality of a traditional big bank — even old-fashion checks. Our users don’t need to leave money in low/no interest checking accounts or worry about moving money around to maximize interest.
  10. We seek to offer the highest credit-card cashback on the market for online and in-app use. Because we know that’s where our users are spending their money.
  11. We have no monthly credit card bills. We allow you to spread your credit-card payments evenly so you always know your spend level and cash balance.
  12. We work with some of the most established brands in the market. Money is a highly regulated business for a good reason. We understand the value in aligning with market leaders like Visa Inc. and UMB Bank and our users’ funds have all the protection of FDIC and SPIC insurance.
  13. We are the only banking service that helps you track your financial fitness with our unique passive-income tracker. We allow our users to hold us accountable for how hard their money works for them.
  14. We are not an app company. Use our app when you want to, but get all the benefits even if you don’t. We want to be a high-functioning utility, not TikTok.
  15. We’re the only banking service that enables you to buy gold and other alternative assets. We think everyone should be aware of and have access to alternative asset classes, so we’re partnering with best-in-class providers to bring access to our users if they so desire.
  16. We can help you get the best deal on your student loan re-fi — and many other financial services like international remittances and brand deals through our partners
  17. We actually listen. Our goal is to be the unified money-management tool that fits perfectly into your life. So, we’re in the process of deputizing early adopters into the Unifimoney User Panel; they’ll be an integral part of the design process. We are taking human-centred design to the next level.

Money management is complex. Integrating multiple products that are traditionally and conventionally separate — checking, saving, credit, debit and investing — especially so. Automating them to remove the need for manual intervention is even more difficult.

This is not going to be perfect out of the box. We will make mistakes, some things will take us time to build. We’re certain that stuff won’t always instantly work the way we want. For parts of our vision (such as integrating debit and credit card functionality so you only need a single card), the tech doesn’t even exist yet.

But we think being open and honest throughout will be a gamechanger in an industry that’s taught consumers to expect the worst. We are committed to building relationships and engendering real trust.

At the beginning, we will be a great fit for those who want to see and lead change, for those who care about financial resilience for themselves and the wider economy. Those first users will have to be prepared to be explorers and participate with us as partners in the journey. They will be unorthodox thinkers and accept the process of building something new won’t be a perfect path.

If there is one thing Covid-19 has taught everyone, it’s to not be complacent about money. Financial resilience is built over decades, not months, and it’s the compound interest of the little things you do every day that helps achieve it most quickly with the highest probability of success. That, most of all, is what we want to achieve with Unifimoney. We hope you’ll come change banking along with us.

Ben and Ed



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store