Why another bank, why another blog?

Oh no, not another one! There are too many banks out there, and too many blogs. We get it. So let’s cut to the chase: Why Palolo? Because 200 million Americans live paycheck-to-paycheck. 200 million real people. People like my uncle, who is one of the safest drivers I know. He’s a former Air Force serviceman and now drives a bread delivery route in the midwest. Or even me, earlier in my career: I worked at a Windex factory, I worked in treecare, and I worked retail at REI. All of those jobs were paycheck-to-paycheck and my bank was…fine? Like it didn’t extend payday loans, but it also wasn’t really a part of helping me make it financially.

We’re building Palolo because we think banks for working Americans can be more than…fine? We’re imagining and building a bank that actually feels exciting to talk about because it actually puts workers first. What does that mean? It means building a bank that gives workers actual credit for the work they do. Right now, credit scores don’t reflect that you showed up for overtime, or that you haven’t missed a shift in like…ever. That’s ridiculous.

By partnering with small businesses who are committed to helping their teams, we’re confident we can give workers access to actually great deals on financial services that actually give them credit for the work they do. Stuff like the zero interest short-term loans in our Flat Tire Fund, or free earned wage access at the touch of a button, or even automatic daily pay. And more! We’re getting started by partnering with a few small business owners across the country–and by listening. Listening to the frustration of workers who are looking for help financing a car to get to work. Or help consolidating high interest credit card debt. Or help buying gear for a singing gig they have this summer. Or (yes) even replacing a flat tire!

As cheesy as it may sound, we’re trying to design financing for where the rubber meets the road for most families. And that’s not fancy investment portfolios or checking accounts with high balance requirements. It’s the basics: access to wages for work done, truly affordable credit, truly fee-free checking and savings accounts along with savings plans that make sense. Free ATM transactions. Banking that nudges you to make healthy financial decisions (rather than nudging you toward debt you can’t afford). Our conviction is that if we get the basics right, we can help families turn finances from their kryptonite into their superpower.

That’s our mission and we’re writing this blog to document our journey and our thinking as we launch. Stay tuned for more reflections from the team coming soon!

Nate

Product @ Palolo

(You can find more of Nate’s product musings are on TikTok and Twitter)

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Palolo

Palolo

A sassy startup on a mission to build a bank that gives you credit for the hard work you do!