Cogni BankingSource: Cogni

What you need to know

  • New digital banking platform Cogni is launching its service on March 20th.
  • It's designed to bring users no-fee digital banking with no account minimums, free-cash withdrawals, virtual and digital cards and more.
  • "Shortly after" release, it will get integrated support for Apple Pay.

The new digital banking platform Cogni will support Apple Pay shortly after its launch on March 20.

As reported by The Fintech Times:

Upon launch, Cogni will offer no-fee digital banking accounts with no account minimums, free cash withdrawal at over 55,000 ATM's, free peer-to-peer transactions, virtual and physical debit cards, the ability to create single-use debit cards to protect from fraud and hidden recurring fees, and multiple funding options: cash deposit through Visa Redylink, in-app check deposit (available the first week in April), direct deposit, ACH Transfer and P2P.

Cogni is a tap-to-pay Visa card with a "people-driven" banking app and no hidden fees. Cogni boasts features such as quick applications and instant access, as well as simple tracking of your balance, statements, and activity, it also doesn't have any hidden fees.

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There are multiple ways to top up your card, make payments and transfer money. Importantly for this report, Cogni has confirmed that "shortly after" its launch on March 20, it will support Apple Pay, as well as Samsung Pay, Venmo, Paypal, and Square.

According to Fintech Times report:

To date, Cogni has raised $6.6 million in funding. Investors include The CXO Fund, Scott Minerd (Co-Founder, Chairman of Investments, and Global Chief Investment Officer of Guggenheim Partners), Hanwha Investment & Securities, Extol Capital, WorldQuant Ventures, Barclays, Gregg Kidd of Hard Yaka and others.

The company also recently made three senior-level hires. Liam Scanlan, formerly Group CFO of Tanda as VP of Finance; Scott Leff, formerly of Fiserv, who serves as Head of Platform; and Dion Davis, a former customer experience leader with Citi, has been hired as VP of Member Services and is building a U.S.- based team to manage this essential function.

Cogni will be released tomorrow, and you can join the waitlist on their website.