PR Newswire | July 30, 2021
Restart is pleased to announce the launch of our digital bank for the immigrant and ethnic market in the United States. The app's user interface is bilingual, in English and the user's native language.
The US banking market is one of the largest in the world. Yet, according to a 2019 report by the Federal Reserve, 22% of American adults (63 million) are either unbanked or underbanked. Minorities, including ethnic groups and immigrants, are often underserved by traditional banks and are considered to be at an economic disadvantage. Further, the US is home to 44 million foreign born people. Language and cultural barriers often limit their ability to fully participate in the formal economy. Restart is a digital bank that is focused on serving this market to ensure greater financial inclusion.
The bank app will initially serve Russian-speaking customers. Additional languages including Ukrainian, Armenian, Belarusian, Kazakh and Polish will be added in Q4 2021. In 2022, the digital bank will offer Chinese and Vietnamese languages. Customer support is provided by native speakers.
Restart's features are similar to those offered by traditional banks, including the issuance of a debit card, fund transfers, as well as free cash withdrawals at more than 30,000 ATMs in the US. Customers can establish and improve their credit scores, which is an important component of ensuring financial inclusion. Enhanced features such as Early Pay Direct provides early payment of wages.
Dennis Larionov, Restart's CEO, said "We appreciate the complexity and challenges faced by minorities, particularly in overcoming language barriers and improving financial literacy. Restart is the first step in financial inclusion for new-to-country customers and a lifesaver for those who have been living in the United States for several years and find it difficult to be a part of the English-centric banking ecosystem. Now, it is as convenient as downloading the Restart app, opening an account in just a few minutes and ordering a debit card. And in 7 working days the card will be in your mailbox."
The Restart app is available for download on Google Play and Apple's App Store. Restart's custodial banking partner is USALLIANCE Federal Credit Union, and customers' funds are insured by NCUA for up to $ 250,000.