Score, the dating app for people with good to excellent credit, recently announced its shutdown after operating for six months. Initially intended to be a pop-up app, Score gained significant user interest and accumulated around 18,000 users, resulting in 8,000 matches. Neon Money Club, the parent company, confirmed that the app aimed to raise awareness about credit health and initiate conversations on the topic.
Luke Bailey, co-founder of Neon Money Club, expressed satisfaction in achieving their goal and emphasized that Score was always intended to be temporary. When asked about acquisition possibilities, Bailey mentioned that larger dating companies are preoccupied with maintaining the relevance of their existing apps. He highlighted the appeal of lifestyle apps with broader goals beyond exclusivity or basic connections.
Although Score is closing, it gathered valuable data that provides insights into the current dating scene. The company’s data revealed that millennial users had the highest credit scores among all groups and showcased the largest credit score gap between genders. On average, millennial men had credit scores 11% higher than women. However, Generation Z seems to be narrowing this gap, with men having only a 3% higher average credit score than women. In comparison, Gen X had the smallest gender gap on the app, with a mere 0.4% difference.
Bailey expressed concern over the 11% credit score advantage that millennial men had over millennial women, attributing it to the financial burden faced by educated women, such as college costs and student loans. He hopes policymakers will address this economic gender gap and find solutions to alleviate its impact. Bailey believes that the smaller disparities among Gen Z indicate hope for future generations to overcome this burden.
Score faced criticism for being classist upon its initial launch, but Bailey defended the app, stating that those who labeled it as such did not understand its mission. He emphasized that Score connected individuals focused on financial health, raised awareness about credit scores, and provided educational resources to support users’ credit journeys.
Neon Money Club, which launched in 2021 to promote financial literacy, does not plan to create another dating app. However, Bailey hinted at the possibility of the company finding alternative ways to shed light on the importance of financial wellness. Currently, the company is working on new projects, including enhancing experiences related to its AMEX card, Time investing account, and a new wellness studio. Bailey teased upcoming powerful content that will make a significant impact in the financial space and beyond.
In conclusion, while Score may be closing down, its success in attracting users and generating valuable data highlights the demand for lifestyle apps with broader goals. The credit score disparities between genders, particularly among millennials, underscore the financial challenges faced by educated women. The app’s shutdown sparked debates about classism, but the company remained focused on its mission to promote financial health and literacy. Neon Money Club plans to continue its efforts to educate and empower individuals through various projects and content in the financial space.