MosaicAn Australian start-up is set to launch a “bank account on steroids” by offering investment, transaction and savings accounts in one product.

Called Mosaic, the bank will allow a user to invest in any asset class if they’re an active investor or be risk profiled to determine a passive fund “best suited to their situation”. Its plan is to give more return on investment in comparison to the rates, which in Mosaic’s opinion traditional banks do not provide.

Matt Jones, co-founder and CTO at Mosaic, says these investments “replace cash (nearly entirely)” and when a user needs to “make a purchase of any kind”, the account liquidates assets depending on pre-determined risk-assessed settings to provide liquidity as necessary.

If users have multiple bank accounts, Jones says they will be able to see all their information to ensure money is “always sitting within assets” and so “providing the highest return on investment”.

The service is initially being developed directly within iOS with plans to release an Android partner version not long afterwards. The system will talk directly to a bank account and users are able to move money across to their Mosaic account. It is set to launch in Australia only at this stage.

Mosaic has received angel investment and partnered with fintech investment firm H2 Ventures. It will be participating in the H2 Accelerator.

It is taking an initial round of users in the coming months to test an account as part of its beta release.

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