Talenthouse.com launches ElloU, a money management platform

January 20, 2022

Ad hoc announcement according to Art. 53 SIX Listing Rules

Talenthouse.com, a platform operated by a portfolio company of New Value AG, launches ElloU, a money management platform for 14 million creative community members

New Value AG today announces the launch of ElloU, a money management platform for creatives, through its investment in Talenthouse.com, a leading global platform connecting creatives with brands and celebrities. As a first step, ElloU will be launched in Europe but rolled out globally.

ElloU is tailored to creatives and their needs to fill that gap left by traditional financial companies. It is a contextual money management platform that aims to eliminate friction and fees, speed up payments and give creatives access to services such as money management, insurance and accounting services. This is what New Value AG’s portfolio company can offer due to its deep expertise in the way creatives work and their earning potential.

Creatives face slow payments, high foreign exchange fees, expensive and rationed credit, low access to investment services and high fees.

Creatives are unsatisfactorily served by traditional financial organizations. Due to various factors, such as fluctuating monthly incomes, creatives tend to pay both higher fees and not have the same access to financial services as other demographic groups. For example, a study by Demos in the UK found that nearly four in ten (39%) self-employed workers have been turned down for a financial product in the last five years. This makes them twice as likely to turn to payday lenders than other workers1).

Debit card, domestic and international payments, three account subscription packages

The initial product offering, consisting mainly of a bank account, debit card, domestic and international payments, is available in three subscription packages – a free account, an account for EUR 5 per month and an account for EUR 10 per month – with different service levels and benefits. In the coming months, it will be available on all platforms of the New Value portfolio companies.

AG in Europe, with these services being rolled out in the UK and US before summer 2022 and in other territories in the second half of the year.

ElloU is a regulated banking solution delivered in partnership with Banking-as-a-Service (BaaS) platforms.

To enable a quick launch and provide fully regulated accounts and payments, Talenthouse has partnered with established BaaS platforms such as Vodeno and Aion Bank for the European launch, providing the technology and compliance capabilities that underpin the platform.

Clare McKeeve, Talenthouse CEO, says: “We are excited to launch ElloU, our vertical banking solution optimised to meet the needs of our 14 million members. The first version of ElloU gives creatives in Europe access to cheaper, faster and easier payment services. We will expand the offering over time to cover the full financial and commercial needs of creatives – and roll this out globally. What excites us about ElloU is that it is both a huge commercial opportunity for Talenthouse Ltd, and a way to create tremendous value and loyalty for our creative audience, whose banking needs are so often overlooked. So this is one of those real win-win situations that we’re confident will add significant value for everyone involved in our platforms.”

About Talenthouse

Talenthouse.com, a platform operated in New Value AG’s corporate portfolio, is a powerhouse for creatives. Through its investments, New Value aims to unite the creative community platforms of Talenthouse, EyeEm, Ello, Zooppa and Jovoto. New Value AG’s portfolio companies are radically innovative, creative content is generated through their proprietary technology and does so by enabling creators internationally to succeed commercially and socially on their platforms. Information about Talenthouse can be found at www.talenthouse.com.

Further information about New Value

New Value, listed on the SIX Swiss Exchange, invests directly in private companies with above-average market and growth potential. The focus is on companies in the area of digital business models. New Value actively manages its value with the aim of further developing its holdings and thus increasing their value.

 

1) Demos, “The Liquidity Trap: Financial Experience and Inclusion in the Liquid Workforce.”

ElloU press contact
Irene Hemmer
+44 7738993662
irene.hemmer@talenthouse.com

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