British embedded finance platform Railsr has partnered with wellness platform Maslife to launch a finance app powered by Mastercard and Checkout.com.
A combination of financial health and mental wellbeing, the Maslife solution is based on research showing how financial health is strongly influenced by mental and physical wellbeing.
The app consists of a combination of payment and banking features, gamification and AI technology designed to inspire users to make changes to their daily routines. A combination of a full suite of high-tech mobile banking features and built-in budgeting tools, Maslife’s app focuses on fitness, with exercise trackers, yoga tutorials and meditation workshops aimed at keeping users engaged. In addition, Maslife is introducing Mastercard supported Apple Pay/Google Wallet functionality.
Maslife officials have stated in their press release that more developments will follow as they aim to offer a wider range of modern payment services, including a cryptocurrency wallet. A B2B platform is currently being built, which aims to offer companies and their employees tailor-made feel-good functions and branded debit cards. The B2B platform is scheduled to be implemented in the first quarter of 2023.
The beta version of the Maslife app was launched in May 2020 when it had over 6,500 active participants. The full UK launch occurred in September 2022, with a European launch in Germany, France and Italy in Q2 2022, bringing the company to an estimated value of $22 million.
Key features and uses of Maslife
The partnership with Railsr, a fintech express partner of Mastercard, gives Maslife the opportunity to benefit from their embedded financial experience platform. Some of the services Railsr offers are card issuance and processing services, BaaS (banking-as-a-service), and licensing, which allow Maslife to offer virtual and physical cars and dedicated accounts to its customers.
The features built into the Maslife app are:
Tools for conscious spending, multi-currency accounts, debit cards, currency exchange, wire transfers and a range of crypto wallets;
pedometer, distance meter, calorie counter, guided meditation and yoga programs;
Rewards for in-app achievements, cashback, retail discounts.
Railsr uses finance as a strategic engagement tool, the platform offers financial products and solutions that help brands deepen relationships, create relevance and generate revenue. In addition to banking, wallets, credit, cards, and data, Railsr also offers a rewards offering that launched in June 2022.
Previous developments from Maslife were released in July 2021 when it was revealed they were working with regulated e-money service provider Paynetics to power the financial wellbeing app.