December 7, 2022

GoDo and Highnote target Americans who live paycheck to paycheck

GoDo, a financial technology company offering no-fee same-day cash advances to employees, has partnered with Highnote, the world’s most modern card issuance platform, to create the GoDo Card, a new card program that offers underbanked workers immediate access to interim wages with no-cost advances.

Powered by Highnote’s card issuance platform, the GoDo Card enables financial inclusion with the following benefits:

  • No Fee Financial Account: FDIC-insured accounts with no minimum balance and no monthly fees.
  • Fully Functional Debit Card: The GoDo Card can be used to access cash at ATMs, pay bills on time, and make purchases online and in-store.
  • Provisional Salary Access: GoDo offers Earned Salary Access, which means cardholders can access a portion of their salary as soon as they finish work, instead of waiting for a traditional payroll cycle.
  • Payment Parity: The GoDo Card gives working Americans who previously lacked access to card and digital payments the same payment experiences as well-banked Americans.

Some banks charge fees to account holders who are unable to maintain a minimum balance. According to a US Postal Service study, this causes the average underserved household to spend 9.8% of their income on fees and interest charges, and often resort to payday loans and other predatory lenders. The GoDo Card improves financial well-being by eliminating minimum balance and overdraft fees, and giving members access to earned wages to avoid predatory lenders and minimize debt.

“Our mission is to create economic inclusion by making banking easy and affordable for hard-working Americans who need access to middle incomes and financial products at no cost,” said James Ray, CEO from GoDo. “The GoDo Map is the cornerstone of this effort, and Highnote was the only map platform capable of delivering what we needed, including future functionality for our users that would not have been possible with other solutions on the market today.”

The GoDo Card was created using Highnote’s modernized platform, which provided key benefits including:

  • Speed ​​to market: By serving as both processor and program manager, Highnote provided GoDo with a market-ready card at a speed unmatched by other virtual card platforms.
  • Differentiation: Highnote’s modular capabilities allow GoDo to create the features that set them apart from their competitors.
  • Reduced cost: The Highnote platform enables GoDo to provide free access to interim salaries by reducing operational costs while generating revenue through interchange fees. With Highnote Ledger, GoDo can minimize bank transfers and thus reduce costs and avoid fees for cardholders.

“We created Highnote to enable companies like GoDo to create truly unique and revolutionary payment solutions for their customers,” said John Macllwaine, co-founder and CEO of Highnote. “The earned wage access market needs modernized payment solutions that can power innovative digital experiences and we’re here to make it happen.”

This partnership is a significant milestone for Highnote as they launch with GoDo as their first customer in the Earned Wage Access vertical. This is a $12 billion market that Highnote aims to address by creating more innovative payment solutions for financial inclusion.

To learn more about the GoDo Card, visit the GoDo website.

The GoDo Mastercard Debit Card is issued by Sutton Bank, Member FDIC, pursuant to license by Mastercard. Mastercard is a registered trademark and the circle design is a trademark of Mastercard International Incorporated