Nymbus, a Miami-based fintech platform, said that Moxy, the first new financial institution in the Washington D.C. area in more than a decade, will use its platform to develop a mobile-first bank in the region.

The bank will provide Internet and mobile banking services to a base of customers that previously have been locked out of traditional banking, according to officials.

"Its advocacy approach seeks to level the playing field and achieve greater equality for the unbanked and underbanked communities," Moxy Chief Technology Officer Keith Walters said via email. "Moxy’s low cost subscription model and anywhere availability will remove the barriers to these communities from traditional financial institutions and move them into the mainstream."

The bank, which plans to open a physical nano-branch location in the District, will provide subscription-based banking services similar to streaming music or video services, including savings, person-to-person loans, mobile account opening, mobile deposits, financial wellness, video banking and text-based notifications.

 The bank recently won approval from the Federal Deposit Insurance Corp. and the District of Columbia Department of Insurance, Securities and Banking, the release said.

The Nymbus suite of financial technology products includes SmartCore, SmartDigital, SmartPayments and SmartLaunch.