Can a super app get even more super?
That looks to be the case with Beem, the multi-service platform already packed with financial services including tax filing, roadside assistance, credit monitoring and insurance discounts.
The super app announced Jan. 1 it is partnering with U.S. insurance, investment and technology provider TruStage to offer the latter’s Payment Guard Insurance as an additional layer of financial security for its members.
For a monthly Plus subscription of $5.97 per month, members can enjoy the comfort of knowing they’ll get coverage during covered job loss or disability on top of tax-filing services for each state, lower auto insurance premiums, roadside assistance and up to 20 percent cash back on daily transactions, among other benefits.1
Payment Guard is TruStage’s newest lending solution, designed to protect customers from unexpected covered losses that could lead to borrower defaults.
Beem’s “Super App for Consumption Smoothing” has helped millions of users “through the ebbs and flows of their financial circumstances,” says Akshay Krishnaiah, Beem’s chief executive officer and founder.
Financial resilience ‘paramount’
The concept of consumption smoothing purports to optimize a person’s standard of living through a balance between spending for needs today and saving for the future.
Partnering with TruStage to further fortify its customers’ fortunes allows Beem to expand its objectives, he says.
Beem’s super app has been gathering momentum since it first came on the scene in the fall of 2021. It’s been downloaded more than five-million times and serves two-million customers and counting, more than 100,000 joining every month.
Beem says it has paid out more than $65 million to its members to prevent financial emergencies, successfully recapturing the majority of it, while processing more than $130 million in payments to help the super app become one of the world’s top 25 fintech platforms.
“Financial resilience is paramount in today’s unpredictable world,” said Danielle Sesko, Director, Product Management, at TruStage.
“We are proud to partner with Beem to make TruStage Payment Guard a component of their Super App, further strengthening their commitment to financial well-being and creating a brighter financial future for all.”
Strategic alliance broadens TruStage’s mission
And it’s that additional layer of comfort to help customers safeguard their finances in the case of covered job loss or disability that drew Beem to TruStage’s Payment Guard.
Krishnaiah points to the Financial Health Network’s Financial Health EuroJournal 2023 U.S. Trends Report, which finds Americans on average are more vulnerable than they were even a year ago, with their financial health declining to pre-pandemic levels and with indications of widening financial disparities.2
He calls it “a sobering glimpse into the financial landscape, revealing that many Americans grapple with vulnerability,” with the report finding just 30 per cent of the population was Financially Healthy.2
“Through our strategic alliance with TruStage, we broaden our mission, safeguarding Americans from drastic financial disruptions like job loss and disability, championing their financial resilience,” Krishnaiah says.
1Beem, trybeem.com/pricing, 2023
2Cepa et al., Financial Health EuroJournal® 2023 U.S. Trends Report, Financial Health Network, 2023.
TruStage™ Payment Guard Insurance is underwritten by CUMIS Specialty Insurance Company, Inc. CUMIS Specialty Insurance Company, our excess and surplus lines carrier, underwrites coverages that are not available in the admitted market. Product and features may vary and not be available in all states. Certain eligibility requirements, conditions, and exclusions may apply. To qualify for benefits under the insurance policy, you must have an outstanding balance on your funding transaction on the date of loss. Please refer to the Certificate of Insurance or Group Policy for a full explanation of the terms. The insurance offered is not a deposit, and is not federally insured, sold or guaranteed by any financial institution. Corporate Headquarters 5910 Mineral Point Road, Madison, WI 53705. PGI-6255835.2-0224-0326