Agora Services debuts teen and SMB banking solutions

Agora Services has launched a pair of white label digital banking solutions designed to help community banks catch up to challengers.

The solutions are designed to address the “teen and small and medium-sized business”. It claims that Agora Junior and Agora SMB can both be deployed in a month.

Agora Services says the two solutions can help community banks provide a service to rival digital challengers like Revolut, N26, and Monzo.

The Agora Junior app allows either parent of a teen to control their children accounts. Teens also have access to sub accounts, plastic and virtual cards, perks, and money pools.

SMB users will have access to unlimited plastic and virtual cards for their employees. It will also feature receipt management, sub accounts, and “key business tools”.

Arcady Lapiro, founder and CEO of Agora Services, tells FinTech Futures about the new solutions.

“We’re launching a full white label challenger bank to target two segments that credit unions and community banks are losing [against] challenger banks: teens and SMBs.

“[Agora’s solution has] the user experience as good as challenger banks, but with more features based on Agora tech.”

Agora has also signed a bank identification number (BIN) sponsorship with Sterling National Bank in the US.

Lapiro says deal, once completed, means that Agora can offer its new services in the country without the need for integration with core services.

Earlier this year the tech firm launched Agora Junior in Finastra’s FusionStore marketplace, integrating the system with Finastra’s open APIs.

In March Agora raised $2 million in seed funding. The start-up said the round was “driven mostly from its founders”.