Booster’s Savvy card awarded for innovation in finance

Booster's Savvy debit card has been named a finalist in the Innovation in Financial Services category at the Institute of Finance Professionals NZ Awards.

The Savvy debit card, linked to an investment account, has received ongoing industry recognition, following international attention at the Fintech Futures 2024 Banking Tech Awards where it was awarded Highly Commended in the 'Best User/Customer Experience Initiative for Consumers' category and was a finalist in the 'Best Use of Tech in Private Banking/Wealth Management' category.

According to Booster, Savvy distinguishes itself by enabling users to earn interest on their funds while maintaining easy access to their money through a Mastercard debit card. The account is managed via a digital platform supported by an application designed to help users monitor their spending, automate their budgeting, and grow their savings.

Booster Chief Executive Officer Di Papadopoulos appreciated Savvy's growing recognition locally and internationally. "Savvy has hit a cord with Kiwis - you can earn a meaningful return on your money while at the same time accessing it easily. That is pretty unique," said Papadopoulos.

Papadopoulos highlighted the savings generated for users since the launch of the product. "We have paid over $800,000 in returns so far. It's great to see that money going back into our customers pockets."

The system offers features to assist customers in managing their finances more effectively. "But what really sets Savvy apart is how it helps people to manage their budgets. It can automatically divvy up your pay when it arrives, build savings and monitor progress," said Papadopoulos.

Reflecting on Savvy's recognition at the Fintech Futures Awards in London, Papadopoulos noted, "We're delighted to get local and global recognition for Savvy. At the Fintech Futures Awards in London in December, Savvy was sitting alongside international heavy hitters like J.P. Morgan, Morgan Stanley, Wells Fargo, and Merrill Wealth Management."

Papadopoulos also commented on the competitive landscape within New Zealand: "Here in New Zealand at the INFINZ awards, Savvy is among a host of fantastic Kiwi products and companies. It's an exciting time in financial services with innovation creating a lot more competition and options for people to manage their money."

"We're extremely proud of Savvy, the people and the work it took to bring such an innovative product to New Zealand's financial services market."

Savvy is offered as a managed fund product and is not a traditional bank account. Booster clarified that it is not a registered bank, and Savvy is not a bank account. Instead, the scheme is managed by Booster Investment Management Limited.

The account provides a digital platform with a Mastercard debit card and supports EFTPOS, giving customers alternative payment options if contactless payment is unavailable or not their preference.

Booster is one of New Zealand's six government-appointed default KiwiSaver scheme providers, managing over NZD $7 billion in funds under management on behalf of more than 200,000 investors. The company also operates specialist investment funds focused on New Zealand's privately owned small—to medium-sized businesses, agricultural and horticultural land and property assets, and early-stage innovation and technology start-ups.