Creator of financial technology platform MoneyUp plans upgrades for on-campus payment options

MoneyUp is a financial technology startup company that aims to connect students, colleges and local businesses through a payment application centered around the campus structure.

Alex Simeon, a School of Arts and Sciences junior and chief executive officer and co-founder of MoneyUp, said the company's payment method is an alternative to RU Express, the University’s system that allows students to upload money on identification cards.

He said campus participation in similar programs is low, as most students prefer to use mainstream payment options, such as credit cards and digital wallets, for purchases in retail shops on campus.

Additionally, Simeon added that small businesses and colleges tend to disfavor these systems, as they raise technical and financial burdens, and universities continue to pay upward of $250,000 annually for their affiliated debit platforms.

"So, what we do is pretty much offload all that for the school, the business and the student, so students can spend on MoneyUp, they get a debit card. They can pay businesses instantly, and students are able to earn rewards to 650 different gift card brands — so Starbucks, Uber, DoorDash, whatever it may be," he said. "Businesses get money instantly, and schools save a ton of money in the process."

Simeon said many students do not use credit cards or receive credit card benefits due to a lack of credit scores. He said MoneyUp replicates the benefits associated with credit card usage with its MoneyUp-issued Visa debit card in the form of gift card rewards.

He said each account on MoneyUp is guaranteed up to the standard $250,000 in insurance from the Federal Deposit Insurance Corporation, thereby keeping clients' assets safe.

Although MoneyUp primarily serves students, who are able to use the service for free, he said the company also works with universities, charging them diminished fees that can reduce debit system costs by 70 percent every year.

MoneyUp is currently in its final testing phase. The company is planning to publicly release its mobile application in the Spring 2023 semester at several regional colleges, including Rutgers, New Jersey Institute of Technology and The College of New Jersey, he said.

Over the course of his entrepreneurial journey, Simeon said he and his team have transitioned from focusing on financial literacy to building payment solutions to create more value for students, as well as their universities and surrounding communities.

Simeon said while Rutgers is not as synonymous with entrepreneurship as other colleges, there is a startup culture at the University. He said he personally benefited from various campus resources, faculty relationships and industry professionals as he developed MoneyUp.

Overall, Simeon said he encourages Rutgers students to learn more about MoneyUp and use the platform once it launches.

"It's really just the value that (students) can get from (MoneyUp) in terms of everyday purchasing and spending, because I know a lot of students look out for Starbucks on campus or Qdoba or whatever it may be,” he said. "Our solution is built to help (generate everyday) value for the students, as well as helping small businesses within New Brunswick and Piscataway."