According to the start-up, the app combines social, intellectual, and financial features to give students a "personalised financial service" that includes the ability to send and receive money transfers, pay tuition directly, and receive payment alerts.

In addition, the new service will support P2P transfers, Apple Pay contactless payments, bank accounts, ACH, wire, local, and international transfers.

Evolve Bank & Trust, with its headquarters located in Memphis, will supply the financial services included in Estu's package.

Estu states that because of the way its app "emphasizes students’ social lives," it will provide access to "exclusive events."

Through the start-up's established agreements with businesses like Amazon, Best Buy, and Ticketmaster, customers will be able to receive discounts on a variety of products, including electronic devices, books, music, and concert tickets.

Estu also has a scheduling feature that links students' phone calendars with their schedules, delivering notifications and reminders for homework, social events, and classes in order to guarantee "academic efficiency."

Raul Wald, the creator and chief visionary officer of Estu, says he wants to "replace the current financial system and university student IDs to take care of a student's financial life" with the new service.

"Our goal is to improve the quality of life for students nationwide by offering financial services that are more affordable, providing exclusive experiences that are more enjoyable, and reducing time commitments through our integration," he says.