Nerve is a revolutionary new mobile banking app aimed at music creators in the US. With Collabs, it now offers total transparency to all group members via a shared checking account.
The following was developed in collaboration with Nerve, a proud partner of DMN.
Nerve offers several custom-built banking tools that are tailor-made to help artists manage their business income and expenses, while setting up a plan for the future. There are no account fees and no overdraft fees on Nerve’s music business-focused banking accounts – available for both English and Spanish speakers.
The free FDIC-insured* business debit and savings account can be opened in about a minute with no paperwork or monthly fees attached. Nerve offers its members data aggregation in a beautifully built app to help musicians keep an eye on when royalty streams drop and when payments to bandmates are due. Those payments are made easy with Nerve Collabs.
What Are Nerve Collabs?
Nerve Collabs allow users to open free FDIC-insured* debit accounts for bands, informal music groups, songwriting partnerships, and more. With a simple tap, users can toggle between their individual and collab Nerve accounts. Best of all, you don’t need to be a legally registered entity to use the new Collabs feature.
Nerve offers two types of Collabs – Casual and Legit. Casual Collabs are informal and great for bands, groups, songwriter teams, and other collaborators that may not have formal corporation status yet. Legit Collabs are designed for formal entities registered with a U.S. state. Setting up a Legit Collab requires a group’s business status be verified before it can be set up.
How It Works
Each Nerve Collab has two types of members – admins and view-only members. Admin accounts are for business managers and bandleaders, offering complete control over the Collab account. View-only members can access a fully transparent accounting of the income and expenses in one place – but they cannot make changes themselves.
“Nearly every band or group that has gotten paid for their music has struggled with money and trust issues, usually because all the members cannot see their shared income and expenses,” says John Waupsh, Co-Founder and CEO of Nerve. “Now with Nerve, bandmates have unprecedented real-time controls and visibility into their shared accounts.”
Nerve is committed to giving all music creators access to the banking services they need to build and maintain sustainable businesses. The company is headquartered in Austin, Texas, with banking products and services offered by Piermont Bank*, Member FDIC.
Nerve was founded by CEO John Waupsh and CTO Ben Morrison. Upon talking with musicians about the tools they need to manage their finances, Waupsh and his team went to work.
“We discovered [musicians] need very specific tools to help manage their money – tools that don’t exist anywhere else. Given my background working in fintech and my partner Ben [Morrison’s] experience as a fintech engineer, we knew we could develop exactly the tools they need to thrive and build sustainable careers.”