• Thu. May 26th, 2022

GoDo and Highnote target Americans who live paycheck to paycheck

ByCindy J. Daddario

Apr 5, 2022

GoDo, a fintech company that offers fee-free same-day advances to wage earners, has partnered with Highnote, the world’s most advanced card issuance platform, to create the GoDo Card, a new card program that offers underbanked workers instant access to interim wages with free advances.

Powered by Highnote’s card issuance platform, the GoDo card enables financial inclusion with the following benefits:

  • Fee-Free Financial Account: FDIC-insured accounts with no minimum balance and no monthly fees.
  • Full-featured debit card: With the GoDo card, you can access cash at ATMs, pay bills on time, and make purchases online and in stores.
  • Access to Interim Wage: GoDo offers access to earned wages, meaning cardholders can access a portion of their wages as soon as they finish work, rather than having to wait for a traditional pay cycle.
  • Payment Parity: The GoDo card offers working Americans who previously didn’t have access to card and digital payments the same payment experiences enjoyed by well-banked Americans.

Some banks charge a fee for account holders who cannot hold a minimum balance. According to a US Postal Service Study, this leaves the average underserved household spending 9.8% of their income on fees and interest, often resorting to payday loans and other predatory lenders. The GoDo card improves financial well-being by eliminating minimum balances and overdraft fees, and giving members access to earned salary to avoid predatory lenders and minimize debt.

“Our mission is to create economic inclusion by making banking easy and affordable for hard-working Americans who need access to intermediate earnings and fee-free financial products,” said James Ray, CEO of GoDo. “The GoDo map is the cornerstone of this effort, and Highnote was the only map platform that could deliver what we needed, including future features for our users that would not have been possible with other solutions in the market today.”

The GoDo card was built using Highnote’s modernized platform, which offers key benefits including:

  • Speed ​​to Market: By acting as both processor and program manager, Highnote provided GoDo with a market-ready card at a speed unmatched by other virtual card platforms.
  • Differentiation: Highnote’s modular capabilities allow GoDo to build the functionalities that set them apart from the competition.
  • Reduced Costs: The Highnote platform enables GoDo to provide fee-free access to interim wages by reducing operational costs while generating referral fee revenue. With the Highnote Ledger, GoDo can minimize bank transfers, saving costs and avoiding fees for cardholders.

“We built Highnote to enable companies like GoDo to create truly unique and game-changing payment solutions for their customers,” said John Macllwaine, co-founder and CEO of Highnote. “The wage entry market needs modernized payment solutions that can enable innovative digital experiences, and we are here to deliver.”

This partnership is a significant milestone for Highnote as they launch GoDo as the first customer in the earned rewards access industry. This is a $12 billion market that Highnote aims to address by developing more innovative payment solutions for financial inclusion.

To learn more about the GoDo card, visit GoDo’s website.

The GoDo Mastercard debit card is issued by Sutton Bank, a member of the FDIC, under a license from Mastercard. Mastercard is a registered trademark and the circle design is a trademark of Mastercard International Incorporated