Bank Dora Financial

Digital Banking for Everyone: Inclusiv, in partnership with Dora, Launches Nation’s First All-Digital Banking Cooperative – Bank Dora Financial.

Bank Dora aims to reduce racial and economic disparities in banking access

RYE, NY (September 27, 2021) – The credit union industry’s first neo-bank strategy, Bank Dora Financial (Dora) is now open. Intended specifically for low-to-moderate income individuals who are currently underserved by the traditional banking industry, Dora combines the best of fintech mobile applications with an affordable checking account to bring modernized banking to virtually, everyone. Visit for more information.

“We want to change how people think about access to affordable and fair financial services,” said Managing Director, Kristi Kenworthy. “Fifty million Americans are not participating in mainstream banking services because of barriers to opening, distrust of the banking system, gaps in awareness, past history, or lack of access – including the lack of a fully bilingual digital banking experience.”

Most for-profit neo-bank/credit unions in the marketplace typically don’t cater to these individuals, because the economics are different from traditional checking accounts. “Their balances are lower on average, and creditworthiness may take time to achieve,” said Kenworthy, adding, “The credit union movement is really made for offering products at scale that are safe and affordable for all members.”

The organization name is inspired by credit union pioneer Dora Maxwell, who helped charter hundreds of U.S. credit unions and believed everyone should have access to fair deposit products.

With financial inclusion as the priority, the Dora Everyday Checking account features no minimum balance, no monthly maintenance fees, early payday with direct deposit, bill pay, a surcharge-free network of 30,000+ ATMs nationwide, and financial education opportunities – packaged in a fully bilingual experience

A public launch was made at the Inclusiv Virtual 2021 Conference, Sept. 22-23, 2021 with guest speaker Kris VanBeek, CEO of USALLIANCE Financial. Dora was founded by four credit unions: Affinity Plus Federal Credit Union ($3.5B in assets) headquartered in St. Paul, Minn.; Digital Federal Credit Union ($9.8M in assets) in Marlborough, Mass.; Service Credit Union ($5B in assets) in Portsmouth, N.H.; USALLIANCE Financial in ($2B in assets) in Rye, N.Y. Inclusiv has played an important role during USAlliance’s development of Dora and is currently serving as an advisor to the Dora Board of Managers and CUSO management. Dora continues to seek additional credit union partners.

“Inclusiv has been with USAlliance since the early days of Dora’s journey. We were thrilled to host USALLIANCE CEO Kris VanBeek last week at Inclusiv’s conference for the official launch of Dora. This will give the community development credit union movement a powerful tool to serve unbanked or underserved consumers with a Bank On certified account and an end-to-end experience in both English and Spanish available to all,” said Cathie Mahon, President and CEO of Inclusiv.

Dora has been certified with Bank On National Account Standards, which identify critical product features for bank or credit union accounts appropriate to people outside of the mainstream banking system.


About Bank Dora Financial

The nation’s first neo-bank/credit union cooperative, Dora was founded in August 2021 to serve the 50 million Americans currently not participating in mainstream banking. Dedicated to financial inclusion, it includes a fully bilingual digital banking experience that supports low-moderate income individuals. Dora’s products meet Bank On standards for those outside the mainstream banking system. It currently is sponsored by four regional credit unions: Affinity Plus Federal Credit Union (Affinity Plus) headquartered in St. Paul, Minn.; Digital Federal Credit Union in Marlborough, Mass.; Service Federal Credit Union in Portsmouth, N.H.; USALLIANCE Financial in Rye, N.Y. Visit     

About USALLIANCE Financial

USALLIANCE Financial is an innovative, dynamic, and industry-leading financial Cooperative founded in 1966 based on the shared Cooperative mission: "People helping people." Currently serving 125,000+ members across the nation with over $2 Billion in assets, USALLIANCE is a full-service not-for-profit financial institution that offers a variety of banking products and services such as checking and savings accounts, credit cards, loan products, and financial services. Members also have access to 5,800+ Shared Branch facilities and 30,000+ Surcharge-free ATMs throughout the nation in support of our Cooperative initiative. To learn more about USALLIANCE Financial, please visit

About Inclusiv

At Inclusiv, we believe that true financial inclusion and empowerment is a fundamental right. We dedicate ourselves to closing the gaps and removing barriers to financial opportunities for people living in distressed and underserved communities. Inclusiv is a certified CDFI intermediary that transforms local progress into lasting national change. We provide capital, make connections, build capacity, develop innovative products and services and advocate for our member community development credit unions (CDCUs). Inclusiv members serve over 15 million residents of low-income urban, rural and reservation-based communities across the US and hold over $211 billion in community-controlled assets. Founded in 1974, Inclusiv is headquartered in New York, NY, with offices in Madison, WI and Atlanta, GA. For more information about Inclusiv visit us at and connect with us on FacebookLinkedIn and Twitter.

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