Fintech debuts app that combines banking and life insurance

A new app is combining banking and insurance into one service aimed at people who feel excluded from traditional financial services.

Onuu, which announced its official launch on Friday, has a waitlist of 600,000 members. The app charges a subscription fee of $74.99 per year, or $7.99 per month, to access a suite of products, including a checking account, savings account and budgeting tools. A credit card that does not require a FICO score is in the works. 

The company, whose name is pronounced “on you,” announced $6 million in Seed A funding in March. 

“The goal of Onuu is to bring [Americans who are rejected when they apply for financial products] into the financial system fairly and give them a chance to prosper by offering financial security as a product,” said Felix W. Ortiz III, CEO and co-founder of Onuu, in a press release at the time.

A more unusual aspect of Onuu is the availability of life insurance. 

Onuu’s life insurance is issued through AAA Life Insurance Company. Users will answer three questions in the app to receive a quote of coverage between $25,000 and $250,000…

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