Alma

Alma, previously recognized as Alma Financial and Derisk, operates within the fintech industry, specifically focusing on consumer finance. The company is part of the Y-Combinator batch S22 and maintains locations in Seattle, Washington, Palo Alto, California, and offers fully remote services. Alma provides a mobile wallet service that integrates with platforms like Apple Pay and Google Pay through an Alma virtual debit card. To access this service, users must complete a Know Your Customer (KYC) process and obtain an Alma checking account and virtual debit card. The company emphasizes security by requiring users to secure their mobile devices with passcodes, PINs, or biometric authentication to protect their accounts. Alma is not liable for unauthorized transactions or losses due to misuse of the mobile wallet or virtual debit card. The terms of use for the mobile wallet are subject to change, with updates communicated via the Alma neobanking app or other methods. Alma can suspend or terminate access to the mobile wallet service if fraudulent activity is suspected. Additionally, Alma offers a unique gamified banking experience with weekly chances to win $1 million and provides bilingual support in English and Spanish. The company ensures customer deposits up to $250,000 through Bangor Savings Bank, a Member FDIC. It employs dual-factor authentication for enhanced security and offers a zero liability guarantee through Mastercard’s Zero Liability Protection. Alma generates revenue through debit card interchange fees and interest on saved funds, maintaining a fee-free service for customers. The company also conducts weekly drawings through a double-blind process managed by a third-party insurance company to ensure fairness.