Berlin-based fintech, Vantik, has announced a partnership with Mastercard and Banking-as-a-Service (BaaS) platform Vodeno.
The deal sees the creation of a free debit Mastercard with “long-term savings” options.
Users of the new “Vantikcard” receive 1% cashback on every purchase, automatically invested into a sustainable pension fund.
The debit Mastercard provides traditional bank card services through direct charging from a personal bank account. It can also connect to a preferred account on Google Pay and Apple Pay.
Vantik argues that saving for retirement is “integrated into everyday life”. It avoids “the bureaucracy and complexity” of other pension schemes. Vantik plans to launch its new card in April.
The fintech says financial security in retirement is “one of the biggest issues for society”.
It cites research from German analysis firm AWA that 26.4 million Germans believe their own efforts to save for retirement are not enough.
Eurostat numbers claim the number of people threatened by old age poverty in Germany has risen to 3.1 million above 65 years old.
Founded in 2017, Vantik has raised €2.3 million across two funding rounds. Among its investors are STS Ventures and Atlantic Labs.
“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.
“With Vantikcard starting a pension becomes a no-brainer. We show that saving for retirement works without a manual.”
Mastercard’s president in Germany and Switzerland, Peter Bakenecker, says “starting to save for retirement should be as easy and smooth as a payment process.”