Zirtue and MoneyGram partner to drive financial inclusion by enabling unbanked borrowers access to financial lifelines from loved ones through Zirtue’s innovative relationship-based lending app
Zirtue, the world’s leading relationship-based lending app with a mission to drive financial inclusion, announces its partnership with MoneyGram International, Inc., a leading global financial technology company that connects the world’s communities, to provide unbanked and underbanked borrowers access to financial lifelines from friends and family – ultimately driving financial inclusion.
Zirtue is the modern-day solution for people to lend and borrow funds through relationship-based loans. The platform helps provide automation, structure, efficiency, and accountability while creating transparency between borrowers and lenders. Before the partnership, all Zirtue users were required to link either their bank account or debit card to their profile before they could make a loan request or receive funds. Now, unbanked and underbanked consumers can borrow money from friends and family with Zirtue and access their borrowed funds at participating MoneyGram locations throughout the U.S. or through the Zirtue app.
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“Thanks to our new mission-aligned partnership, Americans that are struggling to make ends meet can borrow funds from their loved ones and pick them up at a nearby MoneyGram location even if they don’t have a bank account,” said Dennis Cail, Co-founder and CEO of Zirtue. “With consumer debt at a record high, our collective goal for global impact with MoneyGram is to help communities reimagine their lives by giving people a hand up instead of a handout. Now, millions of underserved individuals can receive the financial lifelines they need on their own terms – ultimately creating greater financial equity and inclusion.”
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4.5% of U.S. households are considered unbanked in 2021, according to data from the Federal Deposit Insurance Corporation (FDIC). Those that are unbanked typically don’t have access to traditional banking services like direct deposits or loans and instead turn to options like payday loans or cash checking services to get financial relief, which can create more financial hardship for underserved borrowers. This partnership is removing some of the barriers to traditional banking and allowing the unbanked to get the financial help they need from someone they know and trust.
“At MoneyGram, we’re always searching for new opportunities to enhance the existing financial system for global consumers,” said Luther Maday, Head of Fintech Strategy and Innovation at MoneyGram. “As we work to uncover more innovative ways to provide value for underbanked communities around the world, we’re excited about our new partnership with Zirtue – a forward-thinking company that shares our mission to drive financial inclusion for all.”
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