There has never been more emphasis on physical fitness: every day there seems to be a new workout or meal plan designed to get us into shape. But what if there were also a financial incentive? Meet Longevity Card, which combines maintaining a healthy lifestyle with money management. Evie Rusman takes a look at the rising fintech
Longevity Card aims to offer products designed for those, of any age, who are planning to live extra-long lives and want to remain high functioning and financially stable throughout.
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Founded in 2019, the company operates under the motto: Health is the New Wealth. Its main premise is based on the idea that consumers can earn credit card rewards by actively using the card and providing daily fitness activity and encrypted health data through the Longevity Card app. Customers will also have access to personalised healthy tips and recommendations from a personal AI longevity advisor.
Speaking to CI, Longevity Card CEO and co-founder Sergey Balasanyan, says: “Our product is for people who aim to live a longer and healthier life. That is the main reason why our targeted audience will be interested in signing up to us, not only because of seamless user experience and personalised healthy tips, but also to have exclusive offers and attractive discounts for all health, beauty and wellness related products and services in their city or country. Moreover, they will be rewarded for being healthy.”
Product launch
The UK fintech recently secured its first investors, including private investments and a Swiss branch of Deep Knowledge Ventures, and an early-stage deep tech-focused fund. Longevity Card will use the investment to launch its first product early in the fourth
quarter of 2020, with both individual and business accounts for users in the UK and European Economic Area regions.
Balasanyan adds: “The 2020 proposition will include a mobile banking app with integration of AI-powered mHealth (healthtech) integration, which will analyse daily activity, nutrition and many other parameters. This will provide customers with personalised health tips, and reward them with Longevity Points in response to maintaining a healthy lifestyle.
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By GlobalData“Card users can earn the Longevity Reward Points to receive discounts and exclusive products at the Longevity Marketplace, which offers healthy products and services from hand-picked vendors validated by Longevity experts.”
According to Balasanyan, the company will launch its second product in April 2021, and will focus on the senior generation.
“The company’s next step will be the implementation of agetech to solve the problem of digital banking for the senior generation and to prevent them from financial exploitation,” he says.
“Currently Longevity Card is in the process of creating a focus group of people aged 70-plus, which will be responsible for making a seamless user journey for seniors.”
Covid-19 impact
Balasanyan argues that the Covid-19 pandemic has led institutions to re-evaluate their priorities – with health being the most apparent. Because of this, he says, Longevity Card has gained much more attention. “Health is the new wealth: it is quite clear that this global crisis will have long-lasting consequences,” he says.
“The Covid-19 crisis has helped us to attract significant interest in our product from investors, big insurance companies and even from top-tier banks, which proposed us to make a joint venture.
“So, I can definitely say that people and financial institutions now have a new understanding of their priorities as health and longevity got greater attention and started to be considered as the actual, tangible and most precious asset.”
