Honeydue also helps consumers who are looking to build better financial literacy via its app and banking services, the release stated.
Mission Lane helps consumers who are looking to build or rebuild their credit and financial lives. The company offers several types of credit cards and financial tracking tools, according to the release.
“Mission Lane and Honeydue share a goal of improving people’s lives by reducing financial stress,” said Mission Lane CEO Shane Holdaway in the release. “As we experience record growth and explore additional ways to have a positive impact on our customers’ lives, we’re excited to bring in a team of people from Honeydue that have deep experience using technology to make finance more transparent and accessible.”
With the acquisition, Mission Lane plans to keep building on Honeydue’s digital banking capabilities, which it plans to use to offer new products like debit cards to customers, the release stated.
Users of Honeydue are able to open bank accounts and keep track of other accounts and bills, and they can share information with others like family members, according to the release.
The acquisition will see Honeydue CEO and Co-Founder Eugene Park joining Mission Lane as head of Product for Mission Money, the new debit card offering, the release stated.
In separate news, digital wallets have been a success among younger users, who have seemed open to pairing older products like debit cards with the newer payment methods, PYMNTS reported.
The combination of the two methods could be potent, but companies are still cautious. Because younger customers might be unfamiliar with payment products, the companies might have to offer resources to help customers use them.