Line Financial Creator of Americas #1 Smart Wallet AppTM, expands its AI capabilities to capture $10 Trillion in Annual Spending Power at the Bottom of the Pyramid in the US
Line Financial, a public benefit corporation and developer of America’s #1 Smart Wallet AppTM, announced it is expanding the AI Capabilities behind its remarkable success in addressing the financial needs of the bottom 80% of the US population, that resulted in the company becoming profitable end of the fiscal year 2022. While most fintechs have continued to focus on the top 20% of the US population, Line serves financially excluded individuals through a novel AI-enabled risk assessment model making it the perfect pioneer to capture $10 trillion in annual spending power of this population.
Founded in 2020 by seasoned fintech executive Akshay Krishnaiah, Line Financial is poised to address and rectify historically incorrect or inadequate risk profiling of this significant market segment. Krishnaiah’s extensive background, including his time at eBay and PayPal, and impressive portfolio of 75fintech FinTech patent publications, underscores the company’s potential.
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Initially launched as a direct-to-consumer application, Line Financial offers America’s #1 Smart Wallet AppTM, an innovative AI-enabled platform that provides interest-free, subscription-based financial support without income restrictions, credit checks, or due dates. The company has already accumulated over 1 billion transaction histories, significantly bolstering its AI capabilities.
Line Financial has made significant strides since its inception, with over 1.5 million registered users and a successful disbursement of over $50 million, effectively preventing over a million financial emergencies. The AI-driven model has achieved an almost 100% recovery rate, further demonstrating the robustness of the risk assessment system.
Following this success, Line Financial is transitioning into an AI-first platform to facilitate payments and distribution of goods and services more broadly. Inspired by platforms like YouTube, Google and Amazon, Line Financial is set to become an ecosystem facilitator using its advanced risk ranking and profiling capabilities. This strategic shift will provide opportunities for various industries to tap into this market at pivotal financial inflection points.
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Financial Inclusion-Driven AI Revolution
Tax Filing
As part of its expansion plan, Line and Column Tax announced a partnership that offers free Federal and State tax filing services via Line’s AI-Powered platform to capture more data to improve their AI while ensuring that users receive the support they need to maximize their returns and improve their financial stability. The new feature offers one of the most comprehensive and free Federal and State tax filings available throughout the year, as most folks in this segment file after the tax deadline (over 104M people are yet to file taxes in 2023).
Line’s service includes IRS penalty protection up to $10,000 and a maximum refund guarantee up to $250 towards any fees paid to any other tax filing software that delivers a higher refund. It allows individuals across every region of the U.S. to file both Federal and State taxes for free, no matter their tax situation. Line also provides free IRS audit support and has a repository of free resources and tools to support users with tax filing.
Money Movement
Line has emerged as a pioneer in rectifying the miscalculated risk profiles that plague individuals who lack proper financial infrastructure. The forthcoming launch of Line’s “Send Now Pay Later” service (currently in Beta) has already garnered significant interest, with over half a million individuals on the waitlist.
Line uses its AI platform and risk ranking capabilities to facilitate “On-Us” instant transactions while not requiring recipients to be on Line or have a bank account. And Line’s innovative approach extends beyond its own ecosystem, allowing users to send money to individuals via SMS, Email, Social Media Apps and other methods.
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This new service not only poses a strong competitor to established platforms such as CashApp, Venmo and PayPal but, alongside its generative AI capabilities, is set to further increase user engagement and expand the delivery of relevant Line, partner, and third-party services while continuing to improve Line’s AI Capabilities.
Line is driving a financial revolution that aims to democratize financial services and achieve significant social impact alongside promising returns, making it the go-to platform for distributing goods and services to this massive segment of society.
“I believe most people are good people, and at Line, we embrace the power of prioritizing purpose over profit. By placing the needs of the underserved population at the forefront of everything we do, we have not only achieved remarkable financial success, but also created a paradigm shift in the industry. We’ve already attracted the attention of prominent insurance companies, credit unions and other industry players eager to partner,” said Akshay Krishnaiah, founder and CEO of Line.
Line is a profitable AI-First fintech platform that accurately risk ranks the bottom 80% of the US working population without using FICO and uses this to facilitate the distribution of goods, services, and payments at relevant inflection points in their personal financial journey driving financial inclusion while capturing $10 trillion in annual spending power by this population.
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