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Talenthouse.com, a platform operated by a portfolio company of New Value AG, launches ElloU, a money management platform for 14 million members in its creative community.
7 December 2021
New Value AG, through its investment in Talenthouse.com which is a leading global platform connecting creatives with brands and celebrities, today announces the launch of ElloU, a money management platform for creatives. As a first step ElloU is being launched in Europe but will be rolled out worldwide.
ElloU is tailored to creatives and their needs, to fill this gap left by traditional finance companies. It is a contextual money management platform that sets out to remove friction and fees, speed up payments, and give creatives access to services, such as money management, insurance, and accounting services, that the portfolio companies of New Value are better placed to provide given their deep understanding of how creatives work and their earnings potential.
Creatives face slow payments, high foreign exchange charges, expensive and rationed credit, little access to investment services, and high fees across the board
Creatives are poorly served by traditional financial organizations. Owing to various factors, such as volatile monthly incomes, creatives tend both to pay higher charges and to lack the same access to financial services as other demographics. For instance, a study from Demos in the UK found that almost four in ten (39%) independent workers have been turned down for a financial product in the last five years, making them twice as likely to turn to payday lenders as employed workers (Demos, "The Liquidity Trap: Financial Experience and Inclusion in the Liquid Workforce").
Debit card, domestic and international payments, three subscription bundles for accounts
The initial product offering, which consists chiefly of a bank account, debit card, domestic and international payments, is available in three subscriptions bundles - a free account, an account at EUR5 per month and one at EUR10 per month - with differing service levels and perks. It is being rolled out across the platforms operated by portfolio companies of New Value AG in Europe over the coming months, with the launch of these services to its community in the UK and the US before the summer of 2022, and new territories in the second half of the year.
ElloU is a regulated banking solution, provided in partnership with banking-as-a-service (BaaS) platforms
In order to launch quickly and to provide fully-regulated accounts and payments, Talenthouse Ltd. has partnered with established BaaS platforms, such as Vodeno and Aion Bank for the European launch, which provide technology and the compliance capabilities underpinning the platform.
Clare McKeeve, Talenthouse CEO, comments: "We are delighted to be able to launch ElloU, our vertical banking solution optimized for the needs of our 14 million members. The first iteration of ElloU gives creatives in Europe access to cheaper, faster and simpler payment services, but we'll expand the offering over time to cover creatives' complete set of financial and commercial requirements - as well as roll out across the world. What excites us about ElloU is that it is both a massive commercial opportunity for Talenthouse Ltd. and a way to create massive utility for, and loyalty among, our creative audience, whose banking needs are so often overlooked. As such, it is one of those true win-win situations that we're confident will generate significant value for all stakeholders of our platforms."
Talenthouse.com, a platform operated by a portfolio company of New Value AG, is a creative powerhouse. New Value, through its investments, aims to unite the creative community platforms of Talenthouse, EyeEm, Ello, Zooppa and Jovoto. The portfolio companies of New Value are radically innovating how creative content is generated through their proprietary technology and, most importantly, by giving creatives internationally opportunities to thrive economically and socially across platforms.
For information about Talenthouse, please visit www.talenthouse.com
About New Value AG
New Value, listed on the SIX Swiss Exchange, invests directly in private companies with above-average market and growth potential. The focus is on companies in the field of digital business models. New Value engages in active value management with the aim of further developing its holdings and thus increasing their value.
Stock exchange listing SIX Swiss Exchange (www.six-group.com)
Ticker symbol NEWN (CH)
Security number 1 081 986
Contact New Value AG, Zugerstrasse 8a, CH-6340 Baar, Switzerland
Investor Relations: Scott Lanphere
Media Relations: Brigitte Kaps
Phone +41 43 344 38 38 or Mob +41 79 289 2042
This media release serves informational purposes and constitutes neither an offer to sell nor a solicitation or an advertisement to buy any shares of New Value AG in any jurisdiction. This media release does not constitute a prospectus within the meaning of Article 35 et seqq. of the Swiss Federal Act on Financial Services. Such prospectus is expected to be published exclusively for the purposes of the listing of shares of New Value AG on SIX Swiss Exchange and will be available electronically and free of charge after publication. Such prospectus will not be published for the purposes of a share offering.
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