BMG Money’s mission is to create affordable financial options by utilizing alternative data including payroll and employment information to expand access to financial services
Innovative lending and financial empowerment platforms are protecting families long forgotten by traditional financial institutions from payday and other predatory loans
The American Fintech Council (AFC), the leading industry association representing responsible fintech companies and innovative banks creating critical access to safe and affordable financial options, has announced that BMG Money will join AFC as a member of the Board of Directors. BMG Money will add its voice to a growing group of diverse industry-leading fintech companies building the future of financial services with a focus on transparency, consumer protection, and regulatory compliance.
“BMG Money is changing the way families access responsible and affordable credit by looking beyond the age-old metrics historically used to evaluate consumers,” said Phil Goldfeder, Chief Executive Officer of the American Fintech Council. “Responsible fintech companies like BMG Money are democratizing financial services and leveling the playing field for underserved families across the country. I am eager to work with Tom McCormick and the entire leadership team at BMG Money and confident that they will add an important voice to our Board of Directors.”
Building on its core values of education and diversity, BMG Money enhances the financial wellness of underserved consumers with a combination of financial education, credit monitoring solutions, and a variety of employment-based loan options. Their employment-based lending solutions will be joined by savings, payments, and investment products to provide additional affordable consumer choices and create pathways away from high-cost loans.
“I believe that an appropriate balance between protecting consumers from harm and building innovative, sustainable businesses has always been within our reach – but that certainly is true now given the technology, information, and partnerships available today,” said Tom McCormick, Co-Chief Executive Officer of BMG Money. “The American Fintech Council and its members prove that every day, and we are proud to be in such good company.”
Creative voluntary benefit programs like BMG Money’s LoansAtWork allow employers to help their employees avoid high-interest loans that can pull them deeper into crisis, to manage emergencies and unexpected expenses with fixed and affordable payments. BMG Money also recognizes the limitations of traditional credit metrics, like the credit score, and leverages employment and cash-flow data to improve access to financial services at affordable interest rates. Through this approach and these innovative programs, BMG Money is building financial inclusion and security for its customers.
AFC’s mission is to promote a transparent, inclusive, and customer-centric financial system by supporting responsible innovation in financial services and encouraging sound public policy. AFC members foster competition in consumer finance and pioneer products to better serve underserved consumer segments and geographies.
About the American Fintech Council: The mission of the American Fintech Council is to promote an innovative, responsible, inclusive, customer-centric financial system. You can learn more at www.fintechcouncil.org.
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