Penny Finance Partners with Local Massachusetts Credit Unions to Reach Everyday People
Penny Finance, women-first online financial mentorship platform based in Boston, MA, announces local partnership with two local institutions: Beverly Municipal Federal Credit Union, based in Beverly, MA, and Somerville Municipal Credit Union, based in Somerville, MA.
7 in 10 women in the US don’t have a financial advisor, someone who can keep their best financial interests in mind. We have personal trainers at the gym, teachers at school, and coaches at work. But who is looking out for women and their wallets? When women have access to Penny Finance, they get a financial mentor in their pockets.
Credit unions have always prioritized serving women and under-represented communities in the financial sector. But only 1 out of 6 credit unions offer wealth management services. And even amongst those who do, only a small amount of their members have enough wealth to qualify for that resource.
By partnering with Penny Finance, Beverly and Somerville credit unions are paving the way to bring digital financial planning to women (and to all low risk investors) at scale. Penny’s technology will enable Beverly and Somerville to support members through major financial decisions, from first job, to family planning, to retirement, and more.
“We could not be more excited about our new partnership with Penny Finance. Our members will profit from a great financial planning product which can help them realize their spending practices and hopefully aid them in increasing their personal wealth. For the credit union, we benefit by offering a vital financial tool which can only increase member loyalty and value to being a member of Beverly Credit Union.” Tom Hankard, CEO of Beverly Municipal Federal Credit Union
“The second we met Credit Unions, we found our groove. 100 million every day people bank with Credit Unions in America. And they are not the wealthy. They are largely women, they are largely experiencing the retirement crisis, they are evolving technologically, and we are so excited to partner with Credit Unions to deliver financial planning at scale with a women-first financial resource.” Crissi Cole, Founder & CEO of Penny Finance
Women who have used Penny for financial mentorship tend to save an extra $450 per month, and shave an average of 5.2 years off their debt repayment. Penny Finance's solutions are tailored to meet the unique needs of credit union members, including:
Women-first marketing and content
Digital financial planning for all low-risk investors
Financial webinars and programs
Personalized member financial insights
Bank account linking
Email engagement engine
The launch of this partnership underscores a mutual commitment between Penny, our strategic league partner, the Cooperative Credit Union Association (CCUA), and the credit union movement at large to continue improving the lives of their members and embodying financial freedom for all.