The ‘box’ consists of several white-labelled products including theft-proof payment cards.
Challenger payments company MuchBetter has announced the launch of its latest product, ‘Bank-in-a-box’. The company has white-labelled several of its products which are included in the ‘box’, enabling other organisations to offer their own payment products. These include digital wallets, wearable payment devices and theft-proof payment cards.
MuchBetter’s objective is to improve its users’ security by eliminating several high-risk features normally associated with banking.
Companies which acquire the Bank-in-a-box will be able to launch their own theft-proof debit and credit cards. To eliminate the risk of theft and fraud, the card requires a new CVV code to be generated for every transaction. Only the account holder can generate the CVV code through the app, which requires fingerprint access. Therefore if the card was to be stolen or copied, the individual would not be able to complete a transaction without generating a new code.
The other products available include its wearable payment products such as key fobs. The amount and location the contactless fob can be used at is selected by the account holder which enables users to give the fob to their children to use.
MuchBetter’s co-founder, Jens Bader, spoke with AltFi about the company’s theft-proof card, saying: “Since the launch of the programme with Mastercard, not a single transaction was reported as fraudulent”.
The company is 100 per cent funded by its founders and is expected to break even by the end of Q1 next year, according to Bader. He also added MuchBetter is considering approaching the market for a Series A funding round to continue its expansion.
Join AltFi at their fourth annual Australasia Summit to examine the future of lending in Australia. Where we present best practices across, technology, partnerships, open banking, governance, data access, consumer experience, capital markets & funding, the role of government and regulation.