hyve, a new savings and money management platform, announced today that its mobile app is now available on iOS and Android.
The solution will offer consumers competitive advantages like high APY (4.25%), curated investments, automated roundups, and AI-powered savings tools, through the world’s first multiplayer money platform.
hyve’s mission is to pave a shorter path to financial success by making financial tools accessible, reliable, and sociable.
Royi Markowitz, co-founder and CEO of hyve, said, “55% of Americans have less than $1,000 in savings today. Even with all the innovation and growth within FinTech in the last several years, there is clearly a problem that still needs to be solved when it comes to the accessibility and approach to saving money and building wealth.
“Saving money is a behaviour and a habit that needs to be learned and nurtured, and like all good habits, is best achieved through social support and accountability. hyve’s purpose is to make these tools and resources accessible to every kind of saver and enable people to live financially healthier lives.”
hyve makes saving money easier with automated and customizable savings rules unique to a customer’s specific savings goals. Customers can access socially-accelerated growth and save faster by adding friends, family, and others in the hyve community to their goals as supporters.
When others support a goal, they can set their own automated rules to easily add to a savings goal, but they can also provide essential social support like accountability, motivation, and peace of mind for a saver. Customers can also connect with industry experts and join community groups within the hyve app to enhance their financial literacy and grow their overall financial wellness.
The New York-based firm also provides customers with the trusted benefits of traditional banking. All savings accounts are FDIC insured up to $250,000 through hyve’s banking partners, and all investment accounts are SIPC protected for up to $500,000through a partnership with Alpaca Securities LLC.