A fintech raise caught our eye this week – if only because it feels like the fintech equivalent of the ‘Mom Jean’ movement – a product that is no longer hip suddenly invading everyone’s Instagram feed.
Glint, a startup hoping to reintroduce gold as a form of currency definitely feels like a pair of high waisted, stone washed denim Levi’s, especially in today’s skinny, midriff baring jeans crypto world. Like any good fashion trend, Glint could be just what we need to breathe life into our sluggish ‘not another ICO’ fintech wardrobe.
So what does Glint do? Well, in a gilded nutshell, it offers a ‘world-first’ MasterCard debit card linked to an app, all backed by gold. Similar to many of the crypto backed debit cards, it lets you spend gold wherever MasterCard is accepted – so basically everywhere.
We’d be curious to know what Australia’s leading gold advocate Jordan Eliseo, over at ABC Bullion makes of all of this. Given his Twitter bio indicates he is on a mission to Make Australia Gold Again, I think he would be first in line for one of Glint’s cards, if they were available in Australia! But then again, Jordan and the team at ABC Bullion aren’t strangers to gold innovation either. The ABC Bullion Gold Saver Account let’s those bullish on gold and silver build up a savings account in the two precious metals.
Pirates, Glint and ABN Bullion may just be on to something though. A little google research shows that fintech startups in India are building a booming business in the gold trade.
While the success of these apps in India points to the inherent cultural elements of money – something that I definitely think will be exploited more and more in the coming years – the question for those in the crypto-hyped west is, does Glint’s customer base feel the same pull? Or for (mostly) younger fintech app users, does gold still feel like an actual Mom Jean, worn by your actual Mom?
When it comes to fintech fashion trends, skinny crypto jeans, probably (and somewhat boringly, may I add) still probably have a little more wear left in them yet.
Jordan – challenge issued!
Daily Fintech Advisers provides strategic consulting to organizations with business and investment interests in Fintech. Jessica Ellerm is a thought leader specializing in Small Business and the Gig Economy and is the CEO and Co-Founder of Zuper, a new superannuation startup in Australia.