iOS mobile app for person to person funds transactions.
No fees to download, send, request or receive money.
Send money to any email address or phone number.
Nooch is 100% mobile – use it anytime, anywhere.
Nooch Audio Overview & Benefits – 56 Seconds.
The mobile app tech start-up Nooch is about to become the next best way to pay your buddy back for lunch last week or maybe the reason you actually end up paying for lunch this time. Based in Philadelphia, Nooch is faster, easier, less expensive and more secure than your current options when it comes to sending and receiving money. It is already becoming popular in colleges and universities and wants to change the way you pay and get paid. Nooch’s goal is to make person to person payments as simple, safe, and cost effective as possible. There are no fees to download, send, request or receive money with Nooch.
Founder Cliff Canan, a Duke University graduate, has spent the past two years making sure that Nooch conforms to the litany of both state and federal banking regulations while also building an app that exudes simplicity and is packed with useful features. Cliff was named the youngest member of the 2014 Philadelphia Business Journal’s 40 Under 40 list, and he has been an invited presenter to the Chicago Federal Reserve’s Payments Symposium. Nooch was the Marcum Innovator of the Year runner-up for the small tech category after launching a pilot program in 2013. Nooch also won first place in the Baiada Institute’s 2012 Incubator Competition, and was a Featured Company at IMPACT 2013.
Cliff jokes that the name “Nooch” was inspired by a college buddy who frequently borrowed money but inevitably did not pay him back. Now, any mooching friends can’t say they don’t have cash on them – they can pull out their phone and pay up anytime, anywhere.
Nooch makes it easy to send money or receive money in seconds. People can connect with their phone, even connecting though Facebook to speed things up. The next step is to link their bank account with their Nooch account. They can send money with just a name, email address or even a phone number. Unlike other mobile payments services, Nooch does not hold any of your money – it goes straight from one user’s bank account to another person. After entering a PIN set up by the user, the funds are transferred within one business day directly to the recipient’s bank account. And, since people do not have to sign up to receive funds, you can pay or request from people who don’t have Nooch,
Nooch takes the headache out of writing a check, running to the ATM and paying those dreaded high ATM Fees. Another benefit is that you don’t have to pay using your checking account number and risk someone stealing your identity or money. You can also request you roommate’s part of the rent right from your phone, making it a little hard for them to say they are out of checks again.
Paying rent, donating to a charity, or requesting money from a group for dues are all perfect use cases for Nooch.
The Nooch mobile app will work with most US banks, covering more than 90% of US checking accounts and it is continuously adding community banks and credit unions. Users can securely link their existing checking account to Nooch in less than 60 seconds using their online banking. No routing number or account number necessary. And no other Nooch user will ever see your banking information or account numbers.
Security was a high priority while developing the mobile app. Nooch stores your financial information in its private secure cloud and not on your phone. The Nooch mobile app uses the same secure encryption as most banks’ websites and uses geolocation to make sure there is no suspicious activity on your account. The app also requires a secure PIN to be entered for each transaction and users may optionally require their PIN to open the app on your phone, giving double protection for the user.
Currently, you have to be a United States Citizen to use the Nooch mobile app and you also have to be an iPhone or iPad user in order to send money, but they are currently planning for an Android app and a web-based application in 2015.
There are many comparable mobile and web applications out there today, but the other apps are more focused on collecting fees and creating social apps that don’t focus on privacy. With Nooch, nobody ever sees how much someone has sent or received using the app on any of the social networks. Nooch creates the convenience of using the social networks to make it easy to sign up and find friends to pay, but without the whole world getting into your business.
Nooch is a company to watch in the Philly Tech ecosystem and is out to make a positive impact on the way that everyone sends, requests, and receives money. Your money is hard-earned and belongs to you, so why should you pay any fees at ATMs, with PayPal or other services? Cliff Canan from Nooch is an intelligent and energetic tech founder that is out to prove that there is a better way to pay with Nooch – you might never carry cash again.