Talenthouse today announces the launch of ElloU, a money management platform for creatives. As a first step ElloU is being launched in Europe but will be rolled out worldwide.

ElloU is tailored to creatives and their needs, to fill the gap left by traditional finance companies. It is a contextual money management platform that sets out to remove friction and fees, speed up payments, and give creatives access to services, such as money management, insurance, and accounting services.

Creatives face slow payments, high foreign exchange charges, expensive and rationed credit, little access to investment services, and high fees across the board

Creatives are poorly served by traditional financial organisations. Owing to various factors, such as volatile monthly incomes, creatives tend both to pay higher charges and to lack the same access to financial services as other demographics. For instance, a study from Demos in the UK found that almost four in ten (39%) independent workers have been turned down for a financial product in the last five years, making them twice as likely to turn to payday lenders as employed workers. 

Debit card, domestic and international payments, three subscription bundles for accounts

The initial product offering, which consists chiefly of a bank account, debit card, domestic and international payments, is available in three subscriptions bundles – a free account, an account at EUR5 per month and one at EUR10 per month – with differing service levels and perks. It is being rolled out across the Talenthouse platforms in Europe over the coming months, with the launch of these services to its community in the UK and the US before the summer of 2022, and new territories in the second half of the year.

ElloU is a regulated banking solution, provided in partnership with banking-as-a-service (BaaS) platforms.  

In order to launch quickly and to provide fully-regulated accounts and payments, Talenthouse has partnered with established BaaS platforms, such as Vodeno and Aion Bank for the European launch, which provide technology and the compliance capabilities underpinning the platform. 

Clare McKeeve, Talenthouse CEO, comments: “We are delighted to be able to launch ElloU, our vertical banking solution optimised for the needs of our 14 million members. 

The first iteration of ElloU gives creatives in Europe access to cheaper, faster and simpler payment services, but we’ll expand the offering over time to cover creatives’ complete set of financial and commercial requirements – as well as roll out across the world. 

By embedding banking into our platform, our ultimate goal is to remove the trade-off that creatives have historically faced between doing what they love, on the one hand, and financial security on the other. With ElloU, our creatives can say hello to professional freedom and financial freedom.”