Harris KhanPartnering with beauty and cosmetics brands Feel Unique and Blow.
Mat Megens, founder and CEO at HyperJar, discusses the role retail has to play in the future of financial planning…
- Brand new personal finance concept, stepping in to build consumer confidence in the retail sectors
- Users to be rewarded for their loyalty with a growth rate averaging at 4.8%
At the end of a very stressful year it’s natural to want to give ourselves a small boost with some new cosmetics or a hair appointment, especially as over a third of us have reported that the ongoing Covid-19 pandemic has aged us. However, as well as being a stressful year, it has also been a financially challenging one with 19% of Brits reporting they are now in their worst financial position ever and 70% feeling that the banks do not help them budget or plan financially.
In light of this, money management app, HyperJar, is stepping in to help Brits plan their finances better and afford the pampering they deserve by partnering with Feel Unique and Blow, a cosmetics retailer and mobile beauty service. By allowing consumers to save up money with these companies before spending, they can earn up to 4.8% interest, and also support these sectors which have been massively hit as a result of Covid-19 throughout the year.
How the app works:
Account holders who allocate money ahead of spending with HyperJar partners get an average 4.8% Annual Growth Rate on every penny for up to 12 months, calculated and added to the account daily. An odometer in the app shows this increased buying power growing in real time. Committed money must be spent with the business it’s deposited with but there is no time limit and it can be shared or gifted to other HyperJar users.
Mat Megens, founder and CEO at HyperJar, offers an insight into the benefits of ‘money with intent’ and how HyperJar rewards financial planning.
“Many of us have untapped value inside our brains: knowledge of where we are going to shop in the future. This ‘intent data’ can be monetised – HyperJar users can prepay for future spending with their favourite retailers or service providers.
In return for this commitment, users will be rewarded with a growth rate – the current average is 4.8%. This is akin to interest, but can’t be withdrawn as cash – it becomes effectively ‘branded currency’. The customer’s spending power is growing with time, enjoying dynamic accrual, and the retailer has future spend locked in.”
