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Ex-Nyse CIO launches finance app

Ex-Nyse CIO launches finance app

Fierce, a "feel-good" finance app founded by former Nyse CIO Rob Cornish, has emerged from stealth with $10 million in seed funding.

Pendrell, AP Capital, Wheelhouse Digital Studios, Space Whale Capital and a host of angels participated in the round. The funding will be used on hires and customer acquisition.

Now available for iOS, the Fierce app offers users a FDIC-insured checking account that earns up to 4.25% APY and a no-fee debit card with access to over 55,000 fee-free ATMs. A Fierce Rewards Credit Card will launch later this year with 1.5% cash back on all spending.

Users also get the ability to purchase shares of stocks and ETFs, including fractional shares, with crypto trading to follow.

Cornish, who was also CTO of crypto outfit Gemini, says: "Fierce is a customer focused, feel-good finance app. We are truly mission-driven in our effort to bring the best of fintech to people, so we built an incredibly advanced platform with a simple UX to give as much yield as possible to our customers."

Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 13 February, 2023, 10:38Be the first to give this comment the thumbs up 0 likes

4.25% APY seems too good to be true.

"Fierce is FDIC-insured, what do I care if it goes bust?" you might ask. 

Fair question, except that Fierce itself is not a member of FDIC, only its underlying bank is.

"Banking services provided by Cross River Bank, Member FDIC." ~ www.getfierce.com.

So, FDIC will not pay out if Fierce goes bust but only if Cross River Bank goes bust. 

Also, if Fierce goes bust, will its customers be recognized by Cross River Bank and given access to their funds?

PS: These questions have been raised about Chime and other neobanks. Varo obtained a banking license as a way of providing a convincing answer to them.