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INTERNET | Internet Software & Services / Accounting & Finance
payperks.com

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Founded Year

2009

Stage

Acquired | Acquired

Total Raised

$2.91M

About PayPerks

PayPerks is a financial education platform for the un- and underbanked. The company's model fuses education with sweepstakes-based incentives to fuel positive behavior changes among the low and middle-income population. PayPerks partners with card issuers/program managers, governments, employers, and social impact organizations to increase adoption, retention, and POS usage on prepaid debit card programs. The company customizes its platform at a program level to suit the business objectives of each of the partners.On July 1st, 2021, PayPerks was acquired by SMI. The terms of the transaction were not disclosed.

PayPerks Headquarter Location

1123 Broadway Suite 904

New York, New York, 10010,

United States

212-242-1206

Latest PayPerks News

SMI Acquires Innovative Financial Literacy and Capability Platform PayPerks for smiONE Cardholders

Jul 5, 2021

PayPerks brings its 10 years of experience improving the financial health of its millions of users to power the education, gamification, and rewards functionality of the smiONE™ Visa® Prepaid Card Systems & Methods, Inc. (SMI) announced that it has acquired the PayPerks platform, brand, and assets. The PayPerks platform has been successfully used for 10 years to improve the financial health of its millions of users, and will now power the education, gamification, and rewards functionality of the smiONE™ Visa® Prepaid Card. The transaction was completed last month. The PayPerks solution was created in 2010, at the dawn of the current fintech era, to create a new approach to cardholder engagement through a unique combination of easy-to-digest visual education, fun quizzes, engaging points schemes, and exciting sweepstakes-based rewards. This new approach created value for both the prepaid debit cardholder and the card provider, driving awareness and understanding of card basics, better usage of advanced card features, budgeting and savings, safety and security, and other financial capability skills, while helping the card provider improve the program’s top line and bottom line through optimization, loyalty, and improved servicing. SMI plans to integrate the functionality of the PayPerks platform directly into its smiONE Card product, bringing the same education and rewards solutions to its 1.9 million cardholders. The smiONE Card is a part of SMI’s set of solutions that it provides to states and local agencies for the disbursement of government payments, including child support. Embedding the PayPerks solution into the card experience will benefit not only SMI and its cardholders, but also SMI’s government partners who are looking for innovative solutions to make a positive impact on their constituents. PayPerks has a proven track record of creating positive behavior change and working with government partners. The Bureau of the Fiscal Service of the U.S. Department of the Treasury and its bank partner deployed the solution for its Direct Express® card program, where PayPerks was able to drive significant cardholder behavior change, increase cardholder satisfaction, and improve cardholder financial health. Cardholders reported that the education helped them feel that someone cared for their wellbeing and that the financial lessons learned improved not just their financial lives, but their whole lives. “We are very excited to bring PayPerks to our cardholders as we continuously work to enhance our users’ experience with the smiONE Card, a growing part of our product and solution portfolio,” says Bo Stone , Chief Strategy Officer, SMI. “Integrating PayPerks with smiONE will provide exclusive differentiation to our state and local partners, while making an important positive impact on the financial lives of our cardholders and their families.” “This acquisition is an exciting beginning of the next phase of our company’s mission to improve the financial health of cardholders,” says Jake Peters , Co-Founder and CEO, PayPerks. “There continues to be a real need to help Americans across the financial spectrum with basic financial literacy and advanced financial capabilities, all in service of improving not only financial health, but overall health. After having gotten to know the SMI team over the past year, I am thrilled to know that the solution we have built will continue on as a part of a thoughtful, innovative, family-run company that cares deeply for its users, just as we have for the past decade.”

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Expert Collections containing PayPerks

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

PayPerks is included in 1 Expert Collection, including Fintech.

F

Fintech

6,976 items

US-based companies

PayPerks Web Traffic

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