The founders of Neon Money Club, a digital financial wellness and investment platform that breaks down barriers, are Luke Bailey and Jackie Liao. The two entrepreneurs grew up in a single-parent household when money was scarce, even for food and clothing.
In addition, because there was no one to teach them, they grew up with limited financial education, notably on how to save money. They were frequently mocked and struggled to fit in by donning the appropriate clothes and sneakers.
Because of their background, the two decided to work in finance to assist them get started. Months into their corporate careers, the two decided to pivot, leaving their high-paying bank jobs to create a digital space where more people like them may become financially educated in ways that make sense to them. The goal was to make them all financially independent, which led to the formation of the Neon Money Club.
“Coming up as a kid, me, Jackie, we come from very similar backgrounds, and we didn’t have sh-t,” Bailey, co-founder and CEO of NMC, told Complex. “I got into banking at 19. Before that, I was rapping. I was producing. I was on stage. [And then] I found out my daughter was on the way… and it’s like, ‘Oh, crap. I’ve got to get a real job.’ I almost cried going into banking because I didn’t want to do that. I had to cut my braids off. It was real. And my dad told me, he said, ‘Luke, you’re a creative. Don’t lose that. Let that be your secret.’ And it’s always been my secret for 18 years.”
Neon Money Club helps consumers invest in their favorite things, from pop culture to sneakers, sports, and more.
Today, the firm established the Neon Money Club Cream American Express Card, making it the first Black-owned tech company in the United States to do so. The Cream Card, according to the firm, “allows you to invest Neon Money Club’s reward points into the US stock market through Neon Money Club’s app, and earn bonus points with friends.”
“Members can earn up to 800 individual bonus points per month when they form crews by connecting with other Cream Card holders in the Neon Money Club app,” the statement added.
Bailey further explained that “Cardmembers will not only be able to buy-in to the experiences and brands they love as consumers; they can also become asset owners by using their rewards for stocks on the US stock market through the Neon Money Club app.”
Working with Neon Money Club to introduce the Cream Card is another example of how American Express is allowing fintechs to innovate on its network, according to William Stredwick, Senior Vice President and General Manager of Global Network Services North America at American Express.