Hype, leader on the Italian market in the segment of innovative financial services provided by non-banking operators, owned by Illimity and Fabrick, has launched Next, its first digital current account.
The new account is without deposit constraints, with increased withdrawal limits and value-added services. The latter also includes insurance coverage, developed in collaboration with simplesurance and Europ Assistance, for purchases made online with the Hype Next card and full coverage for cash theft during ATM withdrawal operations.
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Hype Next represents the evolution of the Plus account
The decision to launch Next comes from the constant growth (+12% month on month) of those who already use the Plus account (prepaid card and annual deposit up to $60,000 (€50,000). To date, Plus users are responsible for 55% of the total number of transactions made in a month and 70% of the monthly transaction volume of the total customer base. In addition, their annual transaction volume has increased by 233%.
Hype customers who already have Plus active will be able to continue to use it without changes, or choose to make progress on the Next plan. New benefits for users include a MasterCard debit card instead of a prepaid card, free recurring and instant credit transfers, tax relief requests, instant reloads via other free and unlimited payment cards and an exchange rate of 1.5% (instead of 3%) for foreign currency transactions made with the card (withdrawal or payment).
Antonio Valitutti, CEO of Hype, said: “Our goal is to establish ourselves as a reference point for the management of financial services and Next represents a further step in this direction. Hype’s customer base continues to grow more than 35% year on year and to make more and more frequent use of the application in all phases of money management; we are constantly listening to customers’ needs and we have chosen to remodel our offer to meet their specific need for a more evolved account. Next represents a highly competitive proposal in the banking scene, both among challenger banks and traditional players.”
Last September, Illimity acquired 50% of Hype from Fabrick (Banca Sella Group), which in turn entered the capital of Illimity together with the Sella Group, with a 10% stake. Since last June, Hype has operated as Imel (Electronic Money Institute), therefore it can open and manage its customers’ accounts autonomously, giving them a specific Iban valid at European level. Last March Hype launched Hype Bitcoin, in collaboration with the Italian fintech Conio.
Hype is a startup accelerated by SellaLab and subsequently integrated into the banking group, which has developed an app that transforms the smartphone into an electronic money account that allows you to transfer money between individuals and make payments online and in physical stores, as well as planning savings and spending targets. Currently, Hype is integrated into Fabrick, the platform of innovative services offered in an open banking logic to the Italian banking and financial system, controlled by Banca Sella.
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First published in Be Beez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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