Plinqit, the first platform that brings together automated savings, data-driven financial wellness content and virtual account management, has launched a pilot program with support from BMO to help customers achieve financial wellness and savings goals.
BMO, the eighth largest bank in North America by assets, will provide marketing support to enable Plinqit to offer its financial wellness platform in new and traditionally underserved markets in the United States. Plinqit’s automated savings platform and financial wellness content will engage users in a rewarding way to save and plan for future financial needs while boosting knowledge of personal finances. Users can leverage Plinqit to save for specific goals – such as starting an emergency fund or paying off credit card debt – and using an automated mobile experience that makes saving money fun, rewarding and social. For BMO, the pilot will provide additional insights that supports the bank’s commitment to serve underbanked areas within its U.S. footprint.
The new partnership expands on BMO’s existing relationship with Plinqit and the company’s founder and CEO, Kathleen Craig. In 2020, BMO and 1871, a top business incubator, selected Plinqit to participate in the first annual WMNfintech program, the largest nonprofit fintech industry accelerator for women-founded and women-led startups in North America. Since launching in 2020, women-led fintechs that have completed the WMNfintech program have raised more than $31 million in capital and created over 170 jobs. Since 2018, over 15 percent of all women fintech founders in North America have been supported by BMO through their involvement in the program1.
“Plinqit’s technology will help BMO derive new insights, build brand awareness within our markets and provide customers with intuitive tools that help them make real financial progress,” said Andrew Harrison, Head of U.S. Digital Partnerships at BMO. “We look forward to piloting with Plinqit so they can empower users to learn more about money management strategies and tools they aren’t using already.”
“Plinqit is proud to deepen our long-standing relationship with BMO, which began with our invitation to participate in the bank’s inaugural WMNfintech program several years ago,” said Kathleen Craig, founder and CEO of Plinqit. “Through our newly expanded relationship, we can empower users in new markets to expand on their existing financial literacy.
BMO’s relationship with Plinqit is an example of how the bank continues to invest in the financial success of its customers and remains committed to leading efforts for a thriving economy, a more sustainable future, and an inclusive society. Working with Plinqit is a testament to BMO’s focus on fueling financial progress for individuals, families and businesses across North America.
“BMO’s Purpose closely aligns with Plinqit’s vision of helping customers achieve financial progress and furthers our work to empower customers with innovative digital tools,” said Paul Dilda, Head of U.S. Consumer Strategy at BMO. “We look forward to expanding its easy-to-use savings and financial wellness platform across our footprint.”