Increase
Increase, formerly known as Ratchet and bnk.dev, is a fintech company specializing in enterprise-grade banking APIs for technology companies, offering a range of services including ACH, cards, and real-time payments.
Company Overview
Increase is a fintech company in the banking and exchange sub-industry. With a team size of 10, Increase offers enterprise-grade banking APIs. The company provides modern banking infrastructure enabling technology companies to store, move, and reconcile money programmatically. Increase participated in the Y-Combinator S20 batch. Previously, Increase operated under the names Ratchet and bnk.dev.
Banking Infrastructure and API Services
Increase's full-stack feature set includes ACH, Cards, Bank accounts, Wires, Checks, RTP, and FedNow. The company connects directly to networks for money movement, offering unopinionated building blocks that don't enforce legacy patterns. Services such as instant bank account openings are part of their offerings. ACH processing fee is $0.50 for both credit and debit origination, wire origination fee is $5.00, check printing and mailing fee is $2.00, virtual card creation fee is $0.25, and real-time payment origination fee is $0.25.
Banking Fees Structure
Increase offers a transparent fee structure for its banking services. There are no overdraft fees, and the ACH processing fee amounts to $0.50 for both credit and debit origination. Wire origination incurs a $5.00 fee, while check printing and mailing cost $2.00. Creating virtual cards costs $0.25, and the origination fee for real-time payments is also $0.25.
Interest on Balances
Many commercial banking accounts through Increase are eligible to receive interest on their balances. The interest rate is set at the Effective Federal Funds Rate on the last business day of the prior month less 100 basis points, with a floor of 0%. Banking services are provided by Blue Ridge Bank and First Internet Bank of Indiana, Members FDIC, ensuring deposits are FDIC insured up to the maximum allowed by law.
Banking Services and Partners
Increase partners with Blue Ridge Bank and First Internet Bank of Indiana to provide comprehensive banking services. Both banks are members of the FDIC. This collaboration ensures that deposits are insured up to the maximum allowed by law, offering clients both security and peace of mind.