Students in the United States face financial hurdles that make it almost impossible to get ahead in life. Mos.com just launched a banking app to help.
Sobering stats about students right now:
• In 2020 the average student graduated with $37,500 in debt—cumulating a total of $1.6T in student debt across the U.S.
• Nearly half of college students say they don’t feel prepared to manage their money, and only 11% of Gen Z students say they have the information they need to repay their college loans. (Source)
• 83% of Gen Z-ers have turned down activities they would like to participate in because of financial reasons. (Source)
What is Mos?
• Mos was founded by Amira Yahyaoui, an SF-based human rights activist from Tunisia. It is a Sequoia-backed series A company. Steph Curry and Jay Z are among the investors.
• Since 2018, Mos has been a service to help students get scholarships and financial aid.
• The Mos team built a banking app after it became clear from their student community that traditional banking options weren’t supporting them. Overdraft and late fees trapped students into even more unnecessary debt, and there was no individual guidance on how to manage this new stage of their financial lives.
• On Sept 1. 2021, Mos launched a banking app and debit card for students to help them find financial aid, avoid debt, and get personalized help managing their money.
• Mos also launched a learning center. (Inspired by Mos’s popular educational TikTok account.)
Mos debit card features:
• Zero-fees: There are no overdrafts, minimum balances, or maintenance fees. Students can save up to $350 in fees per year by banking with Mos.
• The largest scholarship pool in America: Mos guarantees students maximize their financial aid, and saves time in the application process.
• Access 50,000 free ATMs: Students can easily access their cash for free at 50,000 Allpoint ATMs around the country.
• Real human experts at every step: Financial aid is confusing. When needed, students can chat with their personal Mos Coach for advice or get help with the application process.
• Hassle-free banking app: Students can quickly set up direct deposit, send money to a friend, or set up their digital wallet.
• Bonus cash: Students can refer friends and earn extra spending money.
Further reading:
• Time Magazine: “This Startup Sees a New Business Opportunity: Teaching Gen Z About Money”
• Teen Vogue: “In conversation with Amira Yahyaoui”
Visit Mos.com or reach out press@mos.com for any inquiries. If you’re a student and want to speak to an advisor, email: advisor@mos.com. Twitter, IG, TikTok: @mosdotcom
