Kora, the Personal Finance App Just for College Students, Reaches 100,000 Active Users on Budgeting Tool

Rhea-AI Summary

Kora, a financial technology company catering to college students, reports reaching 100,000 active users on its Kora Insights budgeting tool, driven by increasing tuition and inflation. CEO Hao Liu emphasizes the importance of financial literacy for Gen Z in achieving their financial goals. Kora Insights enables secure banking connections and transaction categorization. This success follows the launch of the Kora Rewards Program, offering cash back of up to 10% through the KoraCard. The company aims to enhance financial accessibility for students amidst rising economic pressures.

Positive

• Reached 100,000 active users on Kora Insights budgeting tool.
• Launch of Kora Rewards Program offering cash back up to 10% on KoraCard purchases.
• Focus on improving financial literacy among Gen Z.

Negative

• None.

Kora Insights, their premier budgeting tool, is achieving record usage amidst rising tuition and nationwide inflation

CHICAGO--(BUSINESS WIRE)-- Kora, a financial technology company exclusively serving college students, announced they’ve reached 100,000 active users on their Kora Insights budgeting tool¹. This milestone arrives as students throughout the U.S. grapple with the rising costs of college and associated living expenses.

“It’s uplifting to see so many members of Gen Z be proactive about their personal finance, and take the initiative to become more financially literate,” said Hao Liu, CEO of Kora. “Gen Z has realized that if they are going to experience the same or better lifestyle of their parents and grandparents, they have to start budgeting and planning now.”

Kora Insights¹ allows users to securely connect their banking accounts for a full scope of their assets, and also categorizes users’ transactions to make budgeting easier. This tool is one of four additional personal finance offerings including Cash¹, Card², and Drive¹. The Kora Blog is an additional resource for students, and is updated weekly with fresh financial education and insights on a diverse range of college-related topics.

“Taking control of finances at a young age is crucial in establishing confidence when it comes to personal finances,” said Jose Duarte, co-founder and CMO of Kora. “Although digital assets like cryptocurrency are becoming popularized, the need for financial competency in traditional finance is much more pressing. The recent crypto crash has reminded young people that before you moonshot, you must first have a solid grounding in financial education.”

This 100,000 users feat comes on the heels of Kora’s recent launch of the Kora Rewards Program¹, a partnership with Cardlytics, that allows users to get cash back rewards of up to 10% when they shop with the KoraCard².

About Kora

Kora is a fast-growing financial institution dedicated to serving college students and helping them achieve a better financial future. In 2021, Kora was founded by a team that has been working for years to increase student access to financial products, financial literacy, and developing an app-first experience that will coach the next generation of college students to graduate with a healthy financial outlook. Learn more about Kora at www.koramoney.com or your preferred app store.

About MetaBank®

MetaBank®, N.A., a national bank, is a subsidiary of Meta Financial Group, Inc.® (Nasdaq: CASH). MetaBank is a U.S.-based financial empowerment company driven by its purpose to power financial inclusion for all®. MetaBank strives to increase financial availability, choice, and opportunity across its strategic service lines including Payments, Commercial Finance, and Consumer Solutions, which is comprised of tax services and consumer lending. These solutions are seamlessly integrated to provide the end-to-end support to the individuals and businesses who are powering the everyone economy. Additional information can be found by visiting www.metafinancialgroup.com.

¹ This optional offer is not a Pathward product or service.

² The Kora Visa® Prepaid Card is issued by Pathward, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. Card may be used everywhere Visa debit cards are accepted. No ATM access.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220809005088/en/

Kora

Carly Cao

3Points

Carly@3PtsComm.com

Source: Kora

FAQ

What milestone did Kora achieve with its budgeting tool?

Kora reached 100,000 active users on its Kora Insights budgeting tool.

What is the Kora Rewards Program?

The Kora Rewards Program allows users to earn cash back of up to 10% when shopping with the KoraCard.

How does Kora Insights help users manage finances?

Kora Insights allows users to securely connect their bank accounts and categorizes transactions to simplify budgeting.

Who is the parent company of Kora?

Kora is a subsidiary of Meta Financial Group, which is traded under the ticker symbol CASH.

How does Kora support financial literacy for Gen Z?

Kora emphasizes the importance of financial literacy for Gen Z, enabling them to budget and plan for their financial futures.