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Neobank Nerve Launches Embedded Banking Product

Challenger bank Nerve is launching banking-as-a-service APIs. The APIs will enable creator platforms to offer their clients in the creator economy an embedded digital banking experience. Nerve’s flagship digital bank for musicians helps artists treat their music like a business by providing digital banking and tracking tools. Nerve, a challenger bank originally designed for musicians, Read more…

The post Neobank Nerve Launches Embedded Banking Product appeared first on Finovate.

  • Challenger bank Nerve is launching banking-as-a-service APIs.
  • The APIs will enable creator platforms to offer their clients in the creator economy an embedded digital banking experience.
  • Nerve’s flagship digital bank for musicians helps artists treat their music like a business by providing digital banking and tracking tools.

Nerve, a challenger bank originally designed for musicians, is getting a bit more creative this month. The startup launched a set of public APIs that will help companies serve their clients in the creator economy.

According to Nerve Co-founder John Waupsh, content creators–whether they are individuals or small businesses– have long been underbanked and overcharged. “Every creator deserves financial dignity, and we believe that this begins with a business checking account, and collaboration tools that meet their everyday needs. They are businesses and should be afforded those same benefits,” said Waupsh.

Nerve’s new APIs will offer firms a way to send payouts and royalties at a lower cost to artists such as musicians, authors, entertainers, filmmakers, makers, podcasters, social media content creators, songwriters, and more. The APIs will also enable companies to provide their creator clients with free digital banking tools to help manage their business.

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“Companies that pay creators deserve the best, fastest, and least expensive way to pay those they serve, and our APIs open up win-win options for all in the ecosystem,” said Waupsh. “Companies providing distribution, licensing, advances, credit, marketplace, or other services are now able to use Nerve’s APIs to deliver instant, lower-cost payouts to creators.”

Nerve’s flagship product, launched last September, is a niche bank account that helps musicians treat their music like a business. Artists can use the free FDIC-insured debit and savings accounts, powered by Piermont Bank, to manage their business expenses and track and receive royalties and payouts. In addition to digital banking, Nerve also offers tools to help artists collaborate with fellow artists in the music industry, as well as view and track their own stats for Spotify, YouTube, and a range of social media platforms.

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Creator platforms that use Nerve’s banking-as-a-service tool will have the opportunity to have access to creators’ transaction and balance information. This data, in turn will benefit the platform by helping them create specialized banking products, such as loans and invoicing tools, to up-sell and better serve their customers.


Photo by Frankie Cordoba on Unsplash

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The post Neobank Nerve Launches Embedded Banking Product appeared first on Finovate.

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