Lilly and Atomic aim to give everyday Americans an easier and more affordable way to save for retirement

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Nov 08, 2022, 08:30 ET

NEW YORK, Nov. 8, 2022 /PRNewswire/ -- Lilly, a company that gives credit card users the chance to transform cash back rewards into retirement savings, has announced its partnership with Atomic Invest, who creates APIs that enable fintechs and other financial institutions to offer best-in-class investing experiences. Together, they will help average Americans convert existing and future cash back rewards into traditional and Roth IRA deposits, and then invest.

According to Lilly, the average American earns roughly $375 to $570 each year in cash back rewards. Many don't even realize the money is there. Using a standard Roth IRA and assuming a 7% rate of return, those rewards could grow to more than $60,000 over 30 years, with no change in consumer behavior.

"The average American doesn't have the same financial and educational opportunities as wealthier investors," says Kori Handy, Lilly's founder. "People delay saving when they are living paycheck to paycheck, and that puts them at a disadvantage for retirement."

Lilly also offers retirement rewards on their platform from more than 1,500 stores. These rewards can be deposited into a traditional or Roth IRA. It requires little to no effort – users can connect any bank card, and then Lilly does the rest.

"Our mission is to be the easiest way to save for the future. Everyone deserves the opportunity to retire with extra money in the bank," says Handy. "For the user, we want retirement savings to be set and forget."

Atomic Invest allows Lilly users to easily invest. Their platform allows users to easily allocate savings into fully diversified portfolios with advanced benefits like direct indexing, tax-loss harvesting, and ESG investing – all with no account minimums.

Atomic CEO David Dindi says, "We're proud to partner with Lilly to help average Americans save and invest for retirement. It's an underserved market that has historically been shut out from the investment opportunities available to wealthy investors."

About Lilly

Lilly is the easiest way to save for retirement. They empower Americans to earn their retirement through rewards as they shop. Lilly aims to help 150M+ Americans save for retirement by using a set and forget model, connecting debit and credit cards to earn rewards directly into IRAs. You can invest in your future without any money coming out of your pocket.

About Atomic Invest

Atomic enables consumer-facing fintechs and other financial institutions to integrate wealth management and trading into their products in a frictionless way. Businesses powered by Atomic can offer their customers cutting-edge investing capabilities such as socially conscious investing, direct indexing, and tax-loss harvesting. The company completed its Series A backed by QED Partners, Anthemis, SoftBank, and Y Combinator.

SOURCE Atomic