Robora Launches Revolutionary Robo Cash Manager to Maximize Returns on Underutilized Cash

CHARLOTTE, N.C., Nov. 19, 2024 /PRNewswire/ -- Robora Financial, a cutting-edge fintech company, is thrilled to announce the launch of its groundbreaking product, Robora Cash, a robo cash manager designed to put "lazy cash" to work. Designed for businesses, but simple enough for individuals to utilize. By automatically deploying underutilized funds within existing primary accounts into high-yield FDIC-insured accounts, Robora offers depositors an impressive 4.15% APY—far outpacing the rates offered by traditional banks.

A Game-Changer in Cash Management

With approximately $19.9 trillion held in deposits across the U.S. banking system, most depositors are currently receiving a meager average rate of just 0.45%, with many banks offering rates as low as 0.02%. Meanwhile, banks earn a 4.65% rate from the Federal Reserve on these deposits, or higher if invested in securities or loans. Robora addresses this disparity by offering a 10x greater return for most depositors. To put this into perspective for a depositor with $100,000 in excess cash, this amounts to over $13,000 in additional income over three years. We estimate that businesses and consumers alike are missing out on at least $325 billion of incremental annual interest income without using Robora Cash.

Key Features and Benefits:

• No Fees: Robora is free to use for qualifying accounts.
• Keep Your Own Bank Account: Robora is the first solution that allows depositors to retain their existing "low-yielding" primary operating bank accounts while seamlessly connecting them to high-yield savings accounts.
• Maximize Returns: Robora offers a 4.15% APY on all deposits, with returns that are risk-free—no securities or speculation involved.
• FDIC Insured: Robora enables customers to access millions in FDIC insurance coverage. Robora is not a bank and does not hold customer funds; insurance is provided through Roborra's partner bank network.
• Automatic Access to Funds: Robora ensures that funds are always available when needed. If your primary operating account balance falls below a pre-set target, it is automatically replenished from the excess cash in the high-yield savings account.
• No Custodial Risk: Robora is not a custodian of depositor funds; it acts as a connector between retail bank accounts and high-yield wholesale accounts.
• A Proven Model: Robora's model is already employed by many Fortune 500 companies. Robora's solution democratizes the model for all businesses and consumers who have not previously been able to take advantage of higher rate options.

Democratizing High-Yield Cash Accounts

Founded by Cory Frank, a former Wells Fargo executive, Robora was created to democratize access to high-yield cash accounts traditionally reserved for very large depositors. By negotiating with institutions for preferred rates, Robora acts as a "wholesaler," offering small to mid-sized businesses and individuals access to rates that were previously unattainable.

"Robora is designed to bridge the gap between the financial benefits that large institutions enjoy and the everyday depositor," said Cory Frank, Founder of Robora. "We're leveling the playing field, allowing everyone to maximize their returns on excess cash without compromising on accessibility or convenience."

For more information, please visit:
www.roborafinancial.com

For media inquiries, please contact:
Jackson Carpenter
[email protected]
(803) 701-0687

SOURCE Robora