Fintech start-up Maslife has partnered with embedded finance platform Railsr to launch a new finance app that combines financial health and mental wellbeing.
Maslife says its app will combine payment and banking features with gamification and artificial intelligence (AI) to allow users to make “simple changes to their daily routines that lead to long-term positive results”.
The app will contain features such as bank functionalities, budgeting tools, exercise trackers, yoga tutorials and meditation workshops, as well as an Apple Pay/Google Wallet supported by Mastercard.
Railsr will provide Maslife with a number of services through its embedded finance platform, including card issuing and processing services, banking-as-a-service (BaaS) and licensing, enabling Maslife to provide virtual and physical cards and dedicated accounts to users.
Kash Amini, founder and CEO of Maslife, says: “In the near future we will offer a wide range of modern payment services including a crypto (digital asset) wallet. This allows users to buy, sell and hold crypto, addressing the increasing demand for hybrid traditional and crypto payment services.”
Maslife is currently building a B2B platform to offer businesses and their employees tailored wellbeing features and branded debit cards, which will roll out in Q1 2023.
The app launched its beta version in May 2020, with Maslife claiming 6,500 active participants and a current waitlist of approximately 28,000 users.
Maslife launched its app in the UK on 12 September, and plans to roll it out in Germany, France and Italy sometime this year. It claims to be valued at £22 million.