Berlin, February 22, 2021. Financial security in retirement is one of the most urgent issues in Germany and Europe. In order to offer people simple access to savings for retirement, the Berlin-based Fintech Vantik announces a partnership with Mastercard and the banking-as-a-service-platform Vodeno. The heart of the cooperation is the combination of a free debit Mastercard with long-term savings: users of the Vantikcard receive 1% cashback on every purchase, which are automatically invested into a sustainable pension fund. Saving for retirement is thus being integrated into everyday life, avoiding the bureaucracy and complexity inherent in other pension schemes. The Vantikcard will be available as of April.
Financial security in retirement is one of the biggest issues for society
More and more people are aware that statutory pension will not meet financial needs in old age at all - and thus more private efforts need to be taken: 26.4 million Germans above 14 years old believe that their private efforts to save for retirement will not be sufficient, a study from Allensbacher Markt- und Werbeträgeranalyse (AWA) in 2020 revealed. These are nearly 2 million more than 4 years ago. At the same time the number of people being threatened by old age poverty in Germany has risen significantly within the last years - up to 3.1 million above 65 years old, as published by Eurostat. This trend emerges also in other countries.
“Despite being aware of the urgent need to boost retirement savings, people still do not act”, says Til Klein, founder of Vantik. “Statutory programmes are far too complex, too bureaucratic and too inflexible to meet the needs of today’s society”, Klein adds. The retirement market lacks an innovative approach to help people save in a simple and flexible way. “With Vantikcard starting a pension becomes a no-brainer. We show that saving for retirement works without a manual”, the founder of Vantik explains.
Saving for retirement as easy as a payment
Peter Bakenecker, Divisional President for Germany and Switzerland at Mastercard, adds: “We are proud to support the development and roll-out of the Vantikcard. We share the vision that starting to save for retirement should be as easy and smooth as a payment process. Therefore we are happy to offer a solution for such a relevant issue in our society together with Vantik.”
The debit Mastercard combines cost control of a traditional bank card through direct charging from the personal bank account with the ability to pay online at more than 70 million retailers worldwide. The Vantikcard can be connected to any favored bank account. It also supports ApplePay and GooglePay.
As of now people can join the waiting list via https://www.vantik.com/ to receive the Vantikcard in advance.
The mission of the Berlin-based fintech Vantik is to radically simplify pension savings and thus fight old age poverty in Europe. With Vantikcard, the pension in your pocket, retirement planning becomes a no-brainer. The free debit Mastercard enables payments worldwide and online. 1 % cashback from any payment goes directly into a pension portfolio. The company was founded by former consultant and banker Til Klein and has been launched in 2019. Investors are Atlantic Labs, StS-Ventures and Seedcamp, as well as business angels such as Maximilian Tayenthal, co-founder of N26.
For more information, please visit: https://vantik.com
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
VODENO's mission is to revolutionise the Financial Services industry. Combining a modern cloud native ‘360’ platform ecosystem and a team of 150+ experts with deep banking experience, we are uniquely positioned to realise a ‘true cost’ for successful digital transformation. The VODENO Cloud Platform (VCP) is one of the world’s first and most comprehensive 'Banking-as-a-service' platforms and is enabled in partnership by our sister company, ECB licensed digital bank, Aion Bank. VODENO delivers embedded financial services for banks, lenders and merchants regardless of size or sector. Covering all areas of the banking ecosystem, from our 'smart contract enabled' core banking to API-driven digitised payments, cards and onboarding services, VODENO offers the ability to meet the demands of regulation while enabling innovation at speed.
Press contact Vantik
+49 173 677 28 19
Press contact Mastercard
+49 172 1880720