A new dating app has arrived just in time for Valentine's Day, but there's a catch. You need a credit score of at least 675 to use it. Launched today by financial platform Neon Money Club, Score is a dating app for people with good to excellent credit that aims to raise awareness about the importance of money in relationships.
Luke Bailey, co-founder and CEO of Neon Money Club, told TechCrunch that “we need to bring the conversation into areas that aren't traditionally discussed in finance.” He added that traditional methods of raising awareness are outdated. “Before you can educate people, you have to get their attention. With Score, you can carry the conversation into a date.”
Talking about money is often uncomfortable, but the reality is that money can be an important part of relationships for many people. According to CNBC, most Americans believe that debt is a surefire reason for divorce. In fact, financial problems are one of the main causes of divorce in this country.
The idea for this app was conceived at AfroTech last year. Neon Money Club is already looking for ways to address credit health, hosting a party that drew hundreds of people to the streets of downtown Austin. As people waited in line, Bailey and his team began thinking about what questions to ask partygoers to get them comfortable talking about finances.
Neon Money Club is a creative studio focused on fintech products. Image credits: neon money club
“We decided to ask one question: 'What should the minimum credit score be for someone you're dating?'” Bailey said. “That question later became the score.”
This app is only available for a limited time (approximately 90 days) and prospective users must apply to gain access. Upon registration, Neon Money Club will run a soft credit check that will not affect a user's credit report, and the score will not be displayed in the app, Bailey said. If approved, users will have access to financially like-minded people on the app. Additionally, users are not matched based on trust level, so a user with a score of 700 may be matched with a user with a score of 800. From there, swipe left or right as usual.
The exclusive aspect of this app is especially important given that the average credit score for the U.S. public is 716, and blacks and Hispanics are more likely than other racial groups to have a score below 640. No doubt it will make some people uncomfortable. When asked about how people perceive the app to be causing class disparity, Bailey said it's more aspirational to have good credentials than it is to be classist. said. He also pointed out that it is possible to earn a high income even with a bad credit score. He said people who are denied access to their scores will be referred to Grow Credit, a credit-building company that provides resources to improve their financial literacy and helps them improve their credit scores. “Those people are then sent back to us to qualify for our product,” Bailey said, adding that this is a positive cycle by design. “We need to be more aware of the doors that can be opened with a good credit history.”
Neon Money Club was founded in 2021 to track financial literacy and last year became the first Black-owned technology company to launch an AMEX credit card. This card allows you to convert your credit card points into cash to invest in the stock market.
The company has raised more than $10 million in venture capital, according to PitchBook.
“We need more creative and diverse voices in the world of finance,” Bailey said. “We're not the only ones who think this way. The industry just needs to open its doors more to people like us.”