Kinly, a neobank built to meet the financial services needs of Black Americans, has tapped open finance fintech MX for its financial data aggregation and enhancement solutions.
The neobank says it will leverage clean data and personalised financial alerts from MX to help Black American communities close the wealth gap and build prosperity.
Kinly focuses on improving financial outcomes through financial education, saving and wealth building, early access to wages, overdraft protection up to $100 and by providing cashback rewards for purchasing from Black-owned businesses.
Kinly CEO and founder Donald Hawkins says both firms share a passion for diversity. “MX’s open finance APIs will help fuel our mission to help serve and improve the financial livelihood of our broad community,” Hawkins says.
MX combines open finance APIs with enhanced financial data to verify data for account opening, money movement, underwriting and other use cases.
“Working closely with Kinly to help provide data enhancement and personalised financial advice for the Black community aligns perfectly with our mission to empower the world to be financially strong,” says Brett Allred, chief product officer at MX.