Israeli co Change launches overdraft alert

FinTech Photo: Shutterstock
FinTech Photo: Shutterstock

The Caesarea based startup has also unveiled its machine learning platform that uses behavioral economics to actively teach people better spending habits.

Israeli startup Change is launching its machine learning platform that uses behavioral economics to actively teach people better spending habits. The platform synchs with bank and credit accounts to promote better financial decision-making - whether it's paying attention to small unnecessary fees or how much they're spending in parking tickets. At the same time, Change is launching its Predictive Overdraft Protection (POP) program to warn users before they go into overdraft.

Change's platform and POP were unveiled at the Money 20/20 fintech event in Las Vegas this week. The Israeli company stresses that bank charges are costing consumers more than ever and in particular overdraft interest rates are far higher than other forms of credit.

Based in Caesarea, midway between Tel Aviv and Haifa, Change was founded at the Nielsen Innovate technological incubator by CEO Yaniv Levi, VP product Assaf Priel, and CTO Dimitri Chebotarev. The company recently completed raising its seed round (financial details were not disclosed).

Levi said, "We are placing machine learning and advanced algorithms in everyone’s hands, helping them stop wasting money on banking fees and interest charges. Middle Class Americans paid over $200 billion in 2015 for all those fees, and we’re here to enable meaningful change in that business.”

Published by Globes [online], Israel business news - www.globes-online.com - on October 25, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

FinTech Photo: Shutterstock
FinTech Photo: Shutterstock
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