Berlin-based fintech, Vantik, has introduced a partnership with Mastercard and Banking-as-a-Service (BaaS) platform Vodeno.
The deal sees the creation of a free debit Mastercard with “long-term financial savings” choices.
Customers of the brand new “Vantikcard” obtain 1% cashback on each buy, routinely invested right into a sustainable pension fund.
The debit Mastercard gives conventional financial institution card providers by way of direct charging from a private checking account. It might additionally hook up with a most popular account on Google Pay and Apple Pay.
Vantik argues that saving for retirement is “built-in into on a regular basis life”. It avoids “the forms and complexity” of different pension schemes. Vantik plans to launch its new card in April.
The fintech says monetary safety in retirement is “one of many greatest points for society”.
It cites analysis from German evaluation agency AWA that 26.4 million Germans consider their very own efforts to save lots of for retirement should not sufficient.
Eurostat numbers declare the variety of folks threatened by outdated age poverty in Germany has risen to three.1 million above 65 years outdated.
Based in 2017, Vantik has raised €2.3 million throughout two funding rounds. Amongst its traders are STS Ventures and Atlantic Labs.
“Regardless of being conscious of the pressing want to spice up retirement financial savings, folks nonetheless don’t act”, says Til Klein, founding father of Vantik.
“Statutory programmes are far too advanced, too bureaucratic and too rigid to satisfy the wants of in the present day’s society.
“With Vantikcard beginning a pension turns into a no brainer. We present that saving for retirement works with out a guide.”
Mastercard’s president in Germany and Switzerland, Peter Bakenecker, says “beginning to save for retirement must be as simple and clean as a fee course of.”