Radius Bank Partners with Wallit to Teach Teens Smart Money Habits

Digital tools to help improve financial literacy for Gen Z now available through the Wallit app

See the original press release

BOSTON – September 23, 2019Radius Bank, an industry-leading digital bank, today announced its partnership with Wallit, a rewards-based savings app for families with teens that rewards users when they save and spend money. Radius will serve Wallit as a banking partner providing FDIC insurance.    

After parents open a Wallit account for themselves and their children, they can link their personal checking or savings account(s) within the Wallit app to:  

  • Earn cash rewards for real-world achievements, such as completing savings goals or items on a to-do list 
  • Budget and track monthly spending
  • Establish savings and spending goals 
  • Automate funding methods to make saving easier and rewarding
  • Gain real-time access to account balance and transaction activity
  • Automate and manage allowances and chores
  • Send money instantly for any reason at all
  • Shop Wallit’s virtual mall for a selection of the top brands in footwear and apparel, dining, cosmetics, gaming, and entertainment, and more

“Everything the Gen Z generation does is digital, so it makes sense to teach them money management in a way they can inherently understand,” said Mike Butler, President and CEO of Radius Bank. “Wallit’s easy and engaging digital experience allows parents to teach teens to earn, budget, spend and save the right way to learn healthy financial habits.”

Increasing financial literacy for Gen Z through early financial education and digital tools is crucial to the financial wellness of the next generation of consumers. This partnership represents the Bank and Wallit’s shared commitment to ensuring every consumer has equal access to essential banking products and services as well as possess the knowledge at an early stage in order to manage finances as they prepare to go on to college or enter the workforce.

“The Gen Z and Millennial segments represent an attractive and growing consumer market, but many companies often have difficulty finding ways to appeal and engage these new potential customers,” said Mike Vien, CEO of Wallit. “We’re excited to have Radius as a partner as today’s announcement represents a unique opportunity and the beginning of a fundamental shift in financial services to meet the needs of younger, tech-savvy generations and to establish the building blocks for long-term financial wellness.”

To learn more about Wallit, visit www.wallit.app/.

To learn more about partnership opportunities at Radius Bank, visit https://radiusbank.com/company/partnerships/.

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About Radius Bank

With assets of approximately $1.4 billion, Radius Bank is a forward-thinking digital bank committed to providing a full complement of accounts and services to meet the banking needs of consumers and businesses nationwide. Radius provides the product depth of a national brand, the technology of a fintech, and the personalized attention typically reserved for a local bank to consumers, small and middle market businesses, unions, government entities and non-profit organizations. The Bank’s award-winning digital banking platform allows consumer clients to bank from anywhere with a computer or mobile device and provides convenient features such as check deposit, bill pay, card management, and a personal financial management dashboard. Business clients enjoy a wide array of award-winning deposit products, advanced treasury management services, and loan and payment solutions.  In addition, Radius’ suite of open APIs deliver a robust banking-as-a-service (Baas) platform for fintechs to quickly access core banking features and build best-in-class financial solutions. Radius specializes in partnering with forward-thinking fintechs to provide white-label deposit products, cards, digital onboarding, and account management.  Radius Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, visit the Bank’s website at radiusbank.com, or follow the Bank on Twitter, LinkedIn, Facebook, and Instagram. 

About Wallit

Wallit is a free rewards-based savings app for families that empowers teens and their parents to manage money better with an easy way to earn cash rewards on their everyday saving and spending. Wallit partners with leading banks, credit unions and other financial service organizations that are looking to reach Millennial and Gen Z customers by offering rewards for real-world achievements, such as completing savings goals or items on a to-do list. Headquartered in Portland, Maine with offices in Boston, Wallit is backed by leading Boston-based venture capital firms BlueIO, Mendoza Ventures and BoxOne Ventures, with financing through a partnership with the Maine Technology Institute (MTI) and the Finance Authority of Maine (FAME). For more information, visit wallit.app or follow us on FacebookInstagramTwitter and LinkedIn.