Symphony Savings App With Travel Rewards
Symphony, a fintech company, today launched a consumer savings app that enables users to grow their money while earning points for flights, hotels, and experiences. By combining a fixed 5% APY with rewards on every dollar saved, Symphony introduces a new category of savings, one that rewards for saving instead of spending.
Built over the past three years, Symphony’s infrastructure has processed more than $500 million in volume and is used by fintechs, and AI companies. Now, it powers a mass-market savings product, with USDC, a US dollar-denominated payment stablecoin, enabling near-instant settlement and seamless global access.
Symphony allows customers to redeem points for travel experiences through its integration with Odynn’s Awayz platform. Consumers can book international and domestic flights as well as premier global hotels within the app using Symphony points. It’s not clear how these points can be used, but they show a bunch of airlines on their site and they still have Spirit in there.
The Symphony app is powered by Modern Treasury, which provides the underlying payments infrastructure, stablecoin orchestration, and compliance systems that support secure and reliable transactions. It has capabilities across ACH, wire, RTP, and FedNow, and stablecoin on- and off- ramps.
Symphony’s app features include:
- Earn your way: Choose between maximizing interest or earning more points based on your goals.
- Watch your growth: See how your savings and rewards build over time with clear, real-time tracking.
- Save automatically: Set up recurring deposits to make saving consistent and effortless.
- All-in-one dashboard: Manage your money and rewards in one place, without juggling multiple apps.
- Secure and safe: Using bank-grade encryption and multiple layers of eligible coverage and advanced, proprietary technology, users can be sure their funds are safe.
- Real-time support: Access AI assistance with the option to connect to a real person.
Symphony says that the 5% APY is currently a fixed rate, generated from diversified lending strategies including U.S. Treasury Bills, institutional credit, and asset-backed lending. Your funds are protected by multiple layers of coverage: SIPC protection through our licensed custody partners, supplemental excess coverage via Lloyd’s of London, DeFi-deployment coverage via Nexus Mutual for smart-contract and protocol risks, and a dedicated reserve fund. Together these address events such as custodian failure, insolvency, and smart-contract exploits — they are not deposit (FDIC) insurance.
Symphony is only available in the Apple app store for now, with Android version coming soon.
You can find some more details (but not much) on their site, and see their F6S profile here.
Guru’s Wrap-up
Symphony is an interesting concept that rewards saving instead of spending, which is something we don’t see very often. The advertised 5% APY is competitive, and earning travel rewards on deposits could appeal to points enthusiasts.
However, this is a brand-new fintech product and funds are not FDIC insured. While Symphony describes several layers of protection, those are different from traditional bank deposit insurance. If you’re interested in testing the platform, it might make sense to start with a small amount and see how the experience develops over time.
