Plastyc, provider of a leading Internet and mobile money management platform for the underbanked, announced today the closing of a strategic investment by
The financing will be used to build out additional services for Plastyc’s own customers, as well as delivering services to other financial institutions looking to serve the underbanked using a premium, cost-effective platform.
Plastyc's iBankUP money management service and UPside line of prepaid VISA cards address fast-growing demand by the underbanked for responsible financial services. According to the
Due to this demand, reloadable prepaid cards, which offer banking services without a traditional bank account, have seen explosive growth of approximately 60 percent per year since 2007, according to the
iBankUP and UPside cards are experiencing fast adoption by the underbanked, supported by Plastyc's state-of-the-art consumer payments platform and a partnership with VISA, the world’s largest payment network. Plastyc's platform supports rapid innovation of key functionality for underbanked consumers. For example, iBankUP was the first to offer completely mobile banking, e-check writing, prepaid phone airtime refills and Facebook access through partnerships and standard technology integrations.
“Premium banking services are critical for the underbanked, and Internet and mobile are the right platforms for speed to market and affordability," said
“We are very impressed with Plastyc’s tremendous growth, its leading technology platform and their low-cost, but high-value financial offerings. It is a perfect fit for our mission to provide the best value to underbanked consumers by supporting growth-stage financial technology companies,” said
Plastyc was launched by a team of financial innovation entrepreneurs. Prior to founding Plastyc,
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