Latino-oriented neobank is rolled out in the US

Fortú is building modern banking products with a Latino cultural context

Fortu

Latino-oriented neobank is rolled out in the US. Source: shutterstock.com

Fortú has announced the launch of its digital bank account focused on Latino and Hispanic US residents who remain underserved by the “one size fits all” approach of traditional financial institutions.

The bank claims that traditional banking products are not designed to meet these unique, culturally contextual, household needs.

According to the press release, the bank’s customers will be able to get a free FDIC insured checking account with no activation fees, monthly fees, or minimum balance requirements.

Besides, Fortú offers a 100% bilingual English/Spanish digital banking app available for iOS and Android.

In addition, contactless Mastercard debit cards will be compatible with Apple Pay, Google Pay, and Samsung Pay.

Fortú also enables free cash withdrawals at over 55,000 participating ATMs via the Allpoint network. Cash deposits at over 100,000 retail locations including Walgreens, CVS, 7-11, and Walmart via the Green Dot Reload Network are also provided.

PaySpace Magazine anticipates that due to the fact that the number of underbanked minorities is still high, banks are likely to introduce similar initiatives in the nearest future.

We’ve reported that the Bank of Scotland unveiled a new polymer £50 note design.

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