Nerve’s app will officially launch in the US on 15 September
Nerve, the first neobank created specifically for musicians, is launching next month to provide dedicated financial products and services to this specialist subset of entrepreneurs and self-employed professionals.
The neobank, based in Texas, USA, plans to deliver a mobile app that merges user experience and financial technologies to help musicians build stronger communities and sustainable careers.
Its banking products and services, which will be offered by Federal Deposit Insurance Corporation (FDIC) member Piermont Bank, include an FDIC-backed business debit and savings accounts, free instant payments to anyone with a Nerve account, and access to 55,000 free ATMs.
These financial products and services will be combined at launch with social features that track a musician’s streaming and follower data while allowing them to connect, network, and conduct business with peers.
Nerve’s app will officially launch in the US on 15 September and the neobank will on-board waiting list customers over the next several months. Additional features and services will also be announced.
‘Smart financial management’
John Waupsh, a co-founder and chief executive officer at Nerve, set up and runs a boutique label dedicated to releasing rare funk and soul music. It was in that role that he first identified the need for a modern, sophisticated banking tool catering to independent musicians.
Waupsh says: “Banks of days past would offer services that their local geography needed. Today, banking communities aren’t defined by rivers and railroads, but by the shared experience and goals of their customers. Financial empowerment for musicians means giving them a banking platform that understands their unique needs with the tools to help them better manage their money.”
“Musicians and bands at all stages of their development need smart financial management, access to the real-time data that drives their business, not to mention two-minute digital account opening, and collaboration and business banking features to run their brands effectively.”