More than one in four American households remains unbanked or underbanked. A large majority of this demographic relies on predatory alternative financial services such as payday/title loans and check cashing services to secure emergency loans, which are unregulated and can have interest rates in excess of 300 percent. Market research suggests that a general lack of education about banking and credit is a large contributing factor to these circumstances. As an NPO 501(c), Moneta is structured to empower users and focus on their needs rather than prioritising profit for shareholders. Moneta positions itself in an area often overlooked by traditional financial services. By leveraging technology and transparent practices, Moneta is able to lower the entry barriers for the unbanked and underbanked. As a key strategy to lower barriers and empower users, Moneta employs a three-stage user growth platform. Unbanked users enter in Stage One, where they have access to funds monetisation and peer-to-peer transfer services. As users progress through Moneta’s growth platform, they gain access to more financial services. In Stage Two, users have access to all of Stage One offerings as well as credit recovery, consumer-to-business payments, checking accounts, savings accounts and direct deposit. In the final level, Stage Three, users gain access to peer-to-peer lending, microloans and credit/debit cards. These users have leveraged Moneta’s financial and educational tools in order to achieve financial empowerment.

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