TMCnet News

[September 26, 2023]


This borderless digital experience is designed to serve the unique financial needs, money habits and issues faced by the Hispanic community.

MIAMI, Sept. 26, 2023 /PRNewswire/ -- h.way is a new digital account that caters to the specific banking needs, habits, and preferences of Hispanic consumers. The service intends to directly address financial issues experienced by Hispanics at disproportionate levels in the U.S. It offers a comprehensive range of banking services, from debit card accounts with fee-less, in-network ATM access, early payday options, and round-up savings to international money transfers with cashback—all in one app.

According to the 2021 FDIC National Survey of Unbanked and Underbanked Households, almost 10% of Hispanic Households are unbanked. Moreover, the survey revealed that 21.7% of unbanked households cited "not having enough money to meet minimum balance requirements" as the primary reason for not having an account.

h.way alleviates these concerns by not requiring a minimum balance to open an account, nor does it charge monthly or maintenance fees. This digital bank account service empowers customers to securely withdraw or deposit cash at over 60,000 ATM locations at no charge. Additionally, h.way offers the best total cost of remittance when transferring money across borders. All h.way accounts are held at an FDIC-insured institution and debit cards are protected by Mastercard's ID Theft Protection™ service.

"Our goal is to help Hispanics realize their economic potential, thus improving their lives and positively impacting the U.S. GDP," said Co-Founder and CEO, Lionel Carrasco. "We're addressing the unmet core banking needs of our Hispanic consumers, with solutions such as no maintenance fees, no minimum balance, and a fully bilingual end-to-end experience. We are also tailoring our services to the diverse subsgments within the Hispanic market, providing features not available in many traditional banking apps, such as coverage for unexpected medical emergencies, integrated international money transfers, investments and AI-enabled conversational financial services. From hard-working immigrants who need to send money back home, to the high-income corporate professionals born abroad investing in stocks and ETFs, we're here to serve, connect and uplift our growing and increasingly influential Hispanic community."

As the U.S. Hispanic population grows, so does its wealth and influence a McKinsey & Company Study indicates that Hispanics, a rapidly expanding group, will represent more than 25% of the population by 2050.

Additionally, according to Ipsos, the wealth of Hispanics in America has also been steadily increasing in recent decades. Hispanics currently represent the largest affluent subgroup in the United States, with significant growth among younger generations. Today, one in five affluent Gen Zs is Hispanic, compared to one in fifteen affluent Boomers/Seniors.

h.way officially launched with a multi-city, omnichannel marketing campaign, carrying the tagline "Dinero a nuestra manera" (Money done our way), highlighting the company's commitment to tailoring financial technology to meet Hispanic's financial habits and needs.

About h.way
h.way is an all-in-one digital account with a mission to promote Hispanic prosperity through equitable, culturally-aware, and AI-powered digital financial services. h.way leverages a bank sponsorship with Metropolitan Commercial Bank, and Mastercard which provides safety and security features to cardholders. h.way delivers unique digital banking services tailored to the money habits of Hispanics, unachievable for most fintech and retail banks. More information can be found at h.way was launched in partnership with Leap Financial, a financial technology service company with proven experience in building digital experiences for banks and Fintech partners.

By using this card, you agree with the terms and conditions of the cardholder agreement and fee schedule, if any. The h.way prepaid Mastercard is issued by Metropolitan Commercial Bank (Member FDIC) pursuant to a license from Mastercard. "Metropolitan Commercial Bank" and "Metropolitan" are registered trademarks of Metropolitan Commercial Bank ©2014-2023. H.way is not a bank. From time to time, you may provide us with your information or the information of third parties. Additionally, we collect information that you generate when using our services. This information may be shared with third parties from time to time. For more information, please read our full privacy policy here. Leap Financial Inc. is a technology services provider and administrator of the card program. For customer service call 1-844-684-6844. Your funds will be held at or transferred to Metropolitan Commercial Bank, an FDIC-insured institution. While there, your funds are insured up to $250,000 by the FDIC in the event Metropolitan Commercial Bank fails if specific deposit insurance requirements are met and your card is registered. See for details. FDIC insurance does not protect your funds in the event of h.way's failure or from the risk of theft or fraud.

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