SOURCE: Akimbo

August 22, 2013 16:40 ET

Social Payments Startup Akimbo Shifts Focus to Brand Partnerships, Announces Demo at Finovate

Maintaining Core Program Existing Users Love, Social Payments and Allowance Card Provider's Pivot Will Make It Easy for Financial Institutions to Implement Akimbo's Technology

SAN ANTONIO, TX--(Marketwired - Aug 22, 2013) -  Akimbo Financial (http://www.akimbocard.com), the social payments startup offering an allowance card that delivers money anytime, anywhere, announced today that it will demo a new adaptive display web app and account management platform at FinovateFall next month. Akimbo also announced that it has begun offering a co-branding program for banks and credit unions, allowing small to mid-size financial institutions the ability to quickly launch a unique Visa® Prepaid product with little to no upfront investment.

"While we've seen success selling directly to the consumer, it is a fairly expensive proposition," said Akimbo co-founder and CEO Houston Frost. "We will continue to offer a cutting-edge prepaid card product to the individual, especially with our recent and upcoming updates to the web and mobile interface, but we'll now primarily be partnering with small to mid-size banks and credit unions to scale distribution. We've heard over and over about customers walking into their local bank branch and requesting prepaid cards for their kids, family members, or themselves -- the banks have the relationship, but not the product. It's a win-win: we create a distribution channel to grow our volume and provide a unique, turn-key prepaid solution to the banks at no cost."

Akimbo's turn-key solution is co-branded, which allows the company to launch the program quickly and inexpensively. Financial institutions can also brand the new HTML5 web app, mobile app, and enrollment portal. These organizations receive a revenue share and avoid all operational expenses, allowing the banks to gauge customer interest in the product without making an investment in a new product launch. Deeper implementations are also available if and when the financial institution wants to assume operations, hold customer deposits and/or directly issue cards.

Akimbo will demo its new web and mobile app at Finovate in New York on September 10th and 11th. The new web platform, which allows users to easily create sub-card accounts and set up automatic transfers to any Akimbo Visa Prepaid Card, will be live to the public a few weeks before the demonstration.

"We are excited to have Akimbo demo and participate at this year's FinovateFall," said Finovate co-founder and CEO Eric Mattson. "Akimbo has used the tools of our financial future to build a service that solves money transfer and disbursement problems faced by both consumers and businesses."

Even as Akimbo pivots its distribution strategy and begins partnerships with organizations, it remains committed to providing and improving the service for the individual cardholders and families that have come to rely on it for their financial and money transfer needs. Akimbo remains among the most popular and easiest ways for individuals to send money or give an "allowance" to kids, students, friends, or staff. Users of the service include former CNN CEO and TIME Managing Editor Walter Isaacson, who also received critical acclaim for his bestselling biographies of Apple CEO Steve Jobs and others.

"Like the best technology, Akimbo thrives due to its simplicity," said Isaacson. "It has become an essential online service for me. I can send money instantly without paying fees."

About Akimbo
Akimbo is a social payment and allowance card solution for financial institutions and individuals that provides a no-cost and instant way to share money with friends and family. You can load money from a bank account, via direct deposit, or with cash at various retail locations. The Akimbo Card can be used everywhere Visa debit cards are accepted, including ATMs, or to send money via email, Facebook, or SMS. The card is issued by The Bancorp Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. For more information, please visit www.akimbocard.com.

About FinovateFall:
FinovateFall is a demo-based conference for innovative startups and established companies in the fields of banking and financial technology. FinovateFall is organized by The Finovate Group. For more information on the event, please visit www.finovatefall.com

All product and company names herein may be trademarks of their registered owners.

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