hyve Launches the World's First Multiplayer Money Platform - Earn and Save Faster with Others
hyve aims to bridge the gap between social connections and financial growth
NEW YORK, Sept. 29, 2023 /PRNewswire/ -- hyve (www.letshyve.com), a new savings and money management platform, announced today that its mobile app is now available on iOS and Android. hyve's mission is to pave a shorter path to financial success by making financial tools accessible, reliable, and sociable. Through the hyve app, customers can access competitive advantages like high APY (4.25%), curated investments, automated roundups, and AI-powered savings tools, but hyve is offering these benefits on the world's first multiplayer money platform.
Built on theories of behavior economics, hyve aims to bridge the gap between social connections and financial growth. Studies have shown that when people choose to save in groups and have others to motivate them and keep them accountable, they are more likely to reach their financial goals.1 The hyve platform addresses this need directly by incorporating social components to easily provide the support and resources savers need to be successful.
"55% of Americans have less than $1,000 in savings today.2 Even with all the innovation and growth within FinTech in the last several years, there is clearly a problem that still needs to be solved when it comes to the accessibility and approach to saving money and building wealth," said Royi Markowitz, co-founder and CEO of hyve. "Saving money is a behavior and a habit that needs to be learned and nurtured, and like all good habits, is best achieved through social support and accountability. hyve's purpose is to make these tools and resources accessible to every kind of saver and enable people to live financially healthier lives."
hyve makes saving money easier with automated and customizable savings rules unique to a customer's specific savings goals. Customers can access socially-accelerated growth and save faster by adding friends, family, and others in the hyve community to their goals as supporters. When others support a goal, they can set their own automated rules to easily add to a savings goal, but they can also provide essential social support like accountability, motivation, and peace of mind for a saver. Customers can also connect with industry experts and join community groups within the hyve app to enhance their financial literacy and grow their overall financial wellness.
"There are a lot of great finance platforms out there offering unique ways for people to save money, but hyve is the first app of its kind designed to support multiplayer functionalities," said Asaf Amir, co-founder and CTO of hyve. "What it comes down to is that saving money is lonely, and hyve wants to solve that. We built a robust infrastructure to provide customers with tailor-made experiences and meaningful social interactions aimed at enhancing and accelerating individual financial growth, and we're only just getting started. We have a number of disruptive projects on our road map, including game-changing AI capabilities that will provide customers with unparalleled levels of personal financial insights."
hyve also provides customers with the trusted benefits of traditional banking. All savings accounts are FDIC insured up to $250,000 through hyve's banking partners, and all investment accounts are SIPC protected for up to $500,000 through a partnership with Alpaca Securities LLC. Unlike traditional banking, hyve services are provided without minimums, monthly fees, or account fees. The hyve app is now available to download on iOS and Android. For more information, please visit www.letshyve.com.
About hyve
hyve is on a mission to make money management easier, smarter, and more accessible. At hyve, we believe the key to financial success is the support of our social connections. Whether it's having trusted people help keep you accountable, receiving contributions from family members, or getting motivated and inspired from others in a like-minded community, adding social support has been a proven factor in accelerated savings and overall financial wellness. Through the hyve mobile app, customers can earn and save faster by setting unique savings goals, easily getting support from friends and family, and connecting with others to get motivated and stay on track. For more information, visit www.letshyve.com.
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1 CommonWealth Collective Savings Research Report, March 2021, Page 4
2 Nasdaq: Americans Do Not Have Enough Savings. Here's What You Can Do About It, January 2023
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