Lucy launches the first rewards program that benefits other women in Singapore

We’re proud to announce that we are launching a one-of-a-kind rewards program which benefits underprivileged women on the occasion of International Women’s Day. 

Lucy helps women organize, save and spend their money through an app and prepaid debit cards on the Mastercard network. After the launch in September 2021, all women in Singapore aged 18 and above are able to create an account in their own name – regardless of nationality or visa. This is especially beneficial for consumers who have small home-based businesses, are on a DP (Dependent’s Pass) or work as domestic helpers, as it provides them with a range of added features, such as creating multiple fee-free accounts with prepaid Mastercard cards, setting up named savings accounts with personalized goals, and also making cross-border payments with access to 24/7 low cost remittances.

The fintech company was founded by Debbie Watkins, Luke Janssen and Hal Bosher in 2019 and has to date received seed funding of more than US$1.5m as well as a grant from UNCDF. Lucy’s mission is clear: to help women go from underbanked to unstoppable, thanks to a suite of tools and features developed exclusively for women’s needs and preferences. 

One of the features is the ability to divide the account balance in different pockets, which can be used for savings or as a separate sub-account (dedicated only to a side business, for example). Each of these pockets is connected to its own prepaid Mastercard which can be used in store, on public transport and online. 

Usually rewards programs offer cashback or the ability to redeem free products. Lucy instead chooses to honor its financial inclusion purpose by dedicating the rewards to uplifting other women. Through the new rewards program, Lucy users will be awarded 1 Lucy Lumen point for every $10 spent in a single transaction. These points can then help other women. For example, you can sponsor a domestic helper with materials for a financial literacy & IT course, equip a home baker with new tools which will help them expand the business or sponsor a trip to the cinema for a single mom and her kids. 

“Lucy’s mission is to empower entrepreneurial women to grow, thrive and shine”, said Debbie Watkins, the CEO of Lucy.   ”The Lucy Lumen rewards program enables our community of users to give a helping hand to those less fortunate than themselves –  just by buying what they usually buy.” 

Deborah Heng, Country Manager, Singapore, Mastercard said: “As a vocal champion of women in business, Mastercard is thrilled to partner with Lucy to empower women to continue striding forward in advancing their careers. With inclusion and opportunity as a core global priority, this partnership further builds on Mastercard’s pledge to connect one billion people, 50 million small businesses and 25 million women entrepreneurs to the digital economy by 2025.”

To sign up for Lucy, download the app on your preferred store or through the links below and follow the registration process which is 100% digital and compliant with MAS regulations. All you need is a Singapore registered mobile number and your IC or FIN.


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