New debit card fintech Seltz gears up for launch in the US

Seltz, a new fintech start-up offering a subscription-based debit card, will be launching in the US with the aim to provide “rewards like credit”.

The company says it will offer rewards online and in-store when making purchases and up to 5% cashback or crypto, as well as the ability to deposit paycheques.

Additional features of the debit card include fraud protection, split purchases, expense management for the Seltz card and other financial accounts, secure cloud infrastructure and encryption, global card coverage with access to ATMs all over the world and cash deposits at select locations such as CVS, Walgreens, 7-Eleven and more.

The firm says its card will also offer benefits such as purchase protection for events including covering trip cancellations up to $1,500.

No credit checks will be involved in signing up for the debit card, Seltz says. The company adds that it is FDIC-insured for up to $250,000.

There are currently over 1,300 sign-ups for the debit card’s waitlist.