CHICAGO, June 30, 2020 /PRNewswire-PRWeb/ -- Boro,
the all-in-one personal finance platform designed just for college
students, today proudly announces the official launch of MyBoro, a
new suite of tools in the Boro app that uses artificial
intelligence to make personalized recommendations that help
students to track their spending, meet their budget goals, and
compare how they stack up against their peers.
A taboo around talking about money combined with a lack of
financial education means many students aren't confident in their
spending choices, and don't understand how to begin building a
foundation for a healthy financial future. Studies have shown
people are more comfortable talking about marriage problems, mental
health, race, sex, and politics than money, and nearly 60 percent
of students say they cannot describe what a credit score is.
Boro, as part of its mission to empower students to secure a
healthy financial future, is launching MyBoro to bring students out
of the dark and give them the insights and information they need to
make informed financial decisions.
All the new features are the direct result of feedback from
- Student-Friendly Spending Analysis - Users connect their bank
accoun- t to the app and Boro's machine learning-powered
proprietary technology provides personalized insights to help them
see how much they're spending by category, like Subscriptions,
Bills, Clothes, Gas & Transportation, Restaurants, Food &
Drink, and more.
- Individualized Recommendations - The app tracks how that
spending increases or decreases month-to-month, and makes
personalized recommendations on how students can reduce those
costs, while also warning them when they are nearing pre-set
- Peer Comparisons - The app's "StackUp Comparisons" feature
benchmarks students' spending against their peers'. For example,
the app would tell a college senior at DePaul
University exactly how his or her spending on rent as a
portion of income compares to other college seniors in Illinois, and later, at his or her
- Affordable, Low-Interest Loans - MyBoro users will have access
to BoroCash, low-interest loans of up to $2,000 that students can use for daily living
expenses. Unlike credit cards, BoroCash loans have fixed term
limits, meaning borrowers fully pay off their loans on a controlled
schedule, preventing them from being trapped in cycles of
"Money should be accessible, engaging and fun -- it doesn't have
to be scary and guilt-inducing," says Hao Liu, CEO and co-founder
of Boro. "We built MyBoro specifically for college students, so
there's no jargon, everything is in their language and tailored to
what they care about. We've tested it with thousands of beta users
and seen high user satisfaction rates, so we know that we're really
touched a nerve here."
MyBoro uses machine learning and natural language processing to
understand users' bank transactions and other complex financial
information and translate it into insights that are easier for
young people to understand.
Later this year, Boro will add additional features to the
platform, including interactive quizzes, credit monitoring, and
social challenges that let friends set and achieve spending goals
together. Boro also plans to refine its peer comparisons so they're
increasingly localized: Students will soon be able to benchmark
their spending against other students at their college and collect
rewards for making smart financial decisions.
"As someone who has had to teach myself about personal finance,
managing my finances has been a wild ride," said Michael Cao, a junior at Pennsylvania State University. "Boro has proven to
be incredibly valuable throughout this journey, providing me with
the tools, and resources I needed to become the personal finance
guru I've always wanted to be."
Boro is the all-in-one personal finance platform designed just
for college students. By using the Boro app, students can start
building their credit, manage their finances, and get access to
BoroCash, the best financing option for college students.
In 2018, Boro secured a $100
million line of credit from Arcadia Funds. In 2019, the
company closed a $12 million Series A
round. Boro is headquartered in Chicago; its financial products are available
at over 200 colleges and universities in 31 states across the
For more information, please visit GetBoro.com.