COVID-19: Fintech Companies Stepping Up to The Challenge

"A community is like a ship. Everyone ought to be prepared to take the helm." - Henrik Ibsen

As promised, GiraffeSpot has been on the lookout for new fintech efforts and publications aimed at helping consumers financially navigate during the COVID-19 crisis. This is virus is challenging us all, in so many ways. Here is the list of a few fintech companies that have taken the helm, and the details of their offerings.


M1 Finance


M1 recognizes the tough time that many people are having right now, so they have launched a 3 part “Stimulus Package”.

1. Account Transfer Bonus (Live, Ongoing)
New users will be offered a potential bonus of up to $2,500 when they transfer their brokerage account(s) to M1 within 60 days of signing up, depending on the account.

2. M1 Borrow Interest Free (April 1, Temporary)
Times are tough and people are looking for emergency funds or ways to take advantage of lowered stock prices. M1 Finance wants to help:

  • For all users: M1 Borrow will be interest-free (up to $5,000) until April 30, 2020.
  • For all M1 Plus users: M1 Borrow will be interest-free (up to $5,000) until June 30, 2020

3. M1 Plus $100 Off (Coming Soon in mid-April (Ongoing)
In order to help more users take advantage of M1 Plus perks, new users will have 7 days from account verification to sign up for M1 Plus in order to get a $100 discount off the $125 fee for their first year of membership. Here are the benefits of M1 Plus:

  • M1 Borrow will be interest-free (up to $5,000) longer promotion period (see above) and lowered rates thereafter (the base rate for M1 Borrow will be interest-free (up to $5,000) is currently 3.5%, and 2% with M1 Plus)
  • M1 Spend 1% APY and 1% cash back, giving you one of the best checking accounts on the market today
  • M1 Finance: Second daily trade window for eligible users who must have $25,000+ in their account to use both trade windows within a day

About M1 Finance: M1 Finance is the future of finance in a sleek, modern app. Rated #1 for both Sophisticated Investors and Socially Responsible Investing by Investopedia, users can enjoy: free investing, high yield checking, low rate borrowing, automation, and optimization.


Blooom


Blooom has created a landing page to post the answers to the questions arising from the stock market drops. Their goal is to calm people down during a time when many are inclined to panic. The page also includes a great video titled “Healthy Thinking in an Uncertain Market” that is approximately 19 minutes long. Take a break from TikTok, and check it out. Just scroll down on the landing page and you will find it.

About Blooom: Blooom was started by a few friends who quit managing money for millionaires to build an app to fix 401ks for every American. Connect your company-sponsored retirement account and see how you’re doing in minutes.


Personal Capital


Personal Capital has released a lot of content to help people who are struggling with what is happening in the financial markets:

  1. Blogs : What is a Stock Market Correction and How to Prepare Your Finances for a Recession
  2. Infographic: Time in The Market, Rather Than Timing the Market
  3. [Investors Guide to Volatile Markets](Personal Capital

About Personal Capital: Personal Capital is wealth management for the Internet Age. Their online platform combines digital technology with highly personalized service to provide a holistic view of a unique financial picture.


Expensify


Expensify understands that COVID-19 is a global crisis and is making a great effort to help people on the ground who need help with grocery bills.

Expensify.org is temporarily redirecting its charitable funds to Expensify.org/hunger. With its ability to reimburse directly in real-time, Expensify.org is uniquely positioned to help families in need immediately. Until today, this fund was focused on paying off kids’ “lunch debts”, but with schools closed around the nation, that isn’t the top priority. Instead, we’re devoting everything to a new program: matching SNAP grocery purchases up to $50 per family.

Expensify.org cannot commit to reimbursing every single person in need, as long as they have funds available, they will reimburse up to $50 per family (one time), the very next day.

About Expensify: Expensify is a software company that ofers an expense management system for personal and business use. Expensify also operates a venture funding arm known as Expensify Ventures.

Conclusion


We sure hope at least one of these offerings are of interest to you and that even in some small way you find a little peace of mind from them.