Moven helps TipHaus build challenger bank for the hospitality sector

One of the most challenging issues facing service-oriented businesses today is keeping quality, motivated workers. According to a recent study in The Washington Post, the hospitality industry has the highest quit rates of any industry by a wide margin.

TipHaus has addressed this challenge by creating a challenger bank specifically for restaurant owners, managers, and workers. Now Moven is engaged with TipHaus to deepen the digital banking experience for this underserved community.

Using Moven’s financial insight-driven SDKs, APIs or its unique “bank in a box” platform, financial institutions can add an extra layer of financial wellness applications and personalized financial tools to support its customers. TipHaus is working with Moven on its unique bank in a box platform that accelerates the speed of building out a challenger bank from the front end to the back end.

Restaurant and shift-workers utilizing TipHaus’ platform can better understand where their money is coming from, how it is being spent, and take control of their financial well-being. With Moven now 100% focused to support financial institutions and fintechs, new opportunities are evolving quickly, expanding its customer base across five continents, with more than 10 million users.

TipHaus was created to make it easier for both management and workers in the hospitality industry to do their jobs and manage their finances. Given the challenges brought on by the pandemic, finding and keeping good staff has been challenging. TipHaus is designed to help both management and employees have flexibility and personalized tools to ease the unique challenges of service-focused work environments.

“We at TipHaus have constantly sought the best partners and industry leaders to work with, and we are thrilled to work with Moven to continue this tradition. Their ability to bring a world-class banking experience to our customer is unparalleled, and we believe it is past time to bring the hospitality industry up to speed,” says TipHaus founder and CEO Leif Magnuson. “The service industry is a foundation to so many in North America, and one of the largest workforces in the world. It’s time for them to have transparency and easy access to the money so many service professionals work so hard for.”

“Our new partnership with TipHaus is a great example of how Moven helps companies build innovative solutions for service workers and employers who are too often left behind in the transition to a digital economy,” notes Moven’s Head of Product Chris Luth. “This is an exciting sector and we’re thrilled to be working with the TipHaus team to build a valuable solution for it.”

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