Credit Sesame is launching a digital bank account, expanding beyond its core business of helping Americans access and boost their credit scores.
The Sesame Cash account, introduced with FDIC member Community Federal Savings Bank, promises to help users grow their cash and credit, for free, as the spend and save.
The account comes with a Mastercard debit card with free access to more than 55,000 ATMs, real-time transaction notifications, and integration with most mobile wallets. Other features - including budgeting tools, auto-saving roundups, and a smart bill pay service - are in the pipeline.
However, the firm is betting that it will differentiate itself from other providers by integrating its expertise in credit. The service will analyse consumers' finances and their repayment ability against their credit to provide them with personalised recommendations for credit cards and loans.
Account holders also get free daily credit score refreshes, credit improvement cash rewards and $1 million credit and identity protection.
Adrian Nazari, CEO, Credit Sesame, says: "Through the use of advanced machine learning and AI, we've helped millions of consumers improve and manage their credit.
"However, we identified the disconnect between consumers' cash and credit—how much cash you have, and how and when you use your cash has an impact on your credit health. With Sesame Cash, we are now bridging that gap and unlocking a whole new set of benefits and capabilities in a new product category."