Mos Launches Banking App to Help Students Facing Financial Hurdles

By Uloop Staff on September 16, 2021

Students in the United States face financial hurdles that make it almost impossible to get ahead in life — so launched a banking app to help, according to a recent press release.

In 2020, the average student graduated with $37,500 in debt—cumulating a total of $1.6T in student debt across the U.S.

Plus, nearly half of college students say they don’t feel prepared to manage their money, and only 11% of Gen Z students say they have the information they need to repay their college loans. And 83% of Gen Z-ers have said they’ve turned down activities they would like to participate in because of financial reasons.

That’s where Mos comes in. Mos was founded by Amira Yahyaoui, a San Francisco-based human rights activist from Tunisia and is a Sequoia-backed series A company. Steph Curry and Jay Z are among the investors.

Since 2018, Mos has been a service that helps students get scholarships and financial aid. After it became clear from their student community that traditional banking options weren’t supporting them, the Mos team built a banking app. Overdraft and late fees trapped students into even more unnecessary debt, and there was no individual guidance on how to manage this new stage of their financial lives.

On Sept 1. 2021, Mos launched a banking app and debit card for students to help them find financial aid, avoid debt, and get personalized help managing their money. And Mos also launched a learning center, inspired by Mos’s popular educational TikTok account.

Mos debit card features:

• Zero-fees: There are no overdrafts, minimum balances, or maintenance fees. Students can save up to $350 in fees per year by banking with Mos.

• The largest scholarship pool in America: Mos guarantees students maximize their financial aid, and saves time in the application process.

• Access 50,000 free ATMs: Students can easily access their cash for free at 50,000 Allpoint ATMs around the country.

• Real human experts at every step: Financial aid is confusing. When needed, students can chat with their personal Mos Coach for advice or get help with the application process.

• Hassle-free banking app: Students can quickly set up direct deposit, send money to a friend, or set up their digital wallet.

• Bonus cash: Students can refer friends and earn extra spending money.

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