There’s a new dating app just in time for Valentine’s Day, but there’s a catch: You have to have at least a 675 credit score to use it. Launched today by financial platform Neon Money Club, Score is a dating app for people with good to excellent credit and seeks to help raise awareness about the importance of finances in relationships.
“We need to move the conversation into areas where finance is not traditionally discussed,” Luke Bailey, co-founder and CEO of Neon Money Club, told TechCrunch, adding that traditional methods of raising financial awareness are outdated. “Before you can educate people, you have to get their attention. With Score, we bring the conversation to the appointment.”
Talking about money is often uncomfortable, but the reality is that finances can be an important part of relationships for many people. According to CNBC, most US citizens believe that debt is a strong reason for a divorce. Indeed, financial matters are one of the main causes of divorce in this country.
The idea for the app was created at last year’s AfroTech. Neon Money Club was already looking for a way to deal with credit health and threw a party that saw hundreds of people flood the streets of Downtown Austin. As people lined up, Bailey and his team began to think about what they could ask of these attendees that would make them feel comfortable talking about finances.
Neon Money Club is a creative studio focusing on fintech products. Image Credits: Neon Money Club
“We decided to ask a question: ‘What should be the minimum credit score for someone you’re dating?'” Bailey said. “That question later became Score.”
The app will only be available for a limited time (approximately 90 days) and prospective users must apply for access. When signing up, Neon Money Club will run a mild credit check on users that won’t affect their credit reports and the score won’t appear on the app, Bailey said. If approved, users will have access to like-minded financial people on the app. People are also not matched based on credit levels, so someone with a score of 700 might be matched with someone who has a score of 800. From there, you swipe left or right as usual.
The blocking aspect of the app is no doubt going to rub some people the wrong way, especially when you consider that average US citizen Credit score is 716, with blacks and Hispanics more likely than other racial groups to have a score below 640. When asked how people might perceive the app as causing the class gap, Bailey said having good credit is more aspirational than class. He also pointed out that it is entirely possible to have a high income with low credit. Those without access to the Score will be directed to resources to improve their financial literacy and credit builder Grow Credit to help them boost their credit scores, he said. “Those people are then sent back to us to qualify for our products,” Bailey said, adding that it’s an intentionally positive cycle. “There needs to be more awareness of the doors that can be opened with a good credit history.”
The Neon Money Club started in 2021 with the goal of tracking financial literacy and last year it did first black-owned tech company to start a credit card with AMEX. The card allows people to convert credit card points into cash that they can then invest in the stock market.
The company has raised more than $10 million in venture capital, according to PitchBook.
“We need more creative and diverse voices in the world of finance,” Bailey said. “We are not the only people who think like this. The industry just needs to open more doors for others like us.”
