One week after a partnership announcement with a U.S. financial firm, West Des Moines-based Social Money makes headlines in India on another front: its social, goal-based savings platform went live today with the country’s largest private sector bank.
ICICI Bank is using Social Money’s enterprise product GoalSaver to power iWish, a savings product that offers many of the same features as Social Money’s consumer product SmartyPig. On iWish, users can publicly save for a goal, share it with friends on social networks and allow friends to contribute to it.
SmartyPig, which holds users funds in BBVA Compass, offers an annual interest rate of 1 percent. iWish, on the other hand, offers an annual interest rate of 7.5 percent. Headquarterd in Mumbai, ICICI Bank has more than 20 million customers and operations in 20 countries.
“iWish will revolutionize saving in one of the world’s largest growth markets with its groundbreaking approach to social, goal-based savings,” Social Money CEO Scott McCormack (right) said in a press release today. “We look forward to a prosperous international partnership.”
Today’s news follows a year of change for Social Money, a company that began the year doing business under the name SmartyPig. In January, it announced it hired McCormack, a banking veteran, to run the company. The following month it changed its name to Social Money and introduced its first enterprise product, GoalSaver. That month it also opened an office in India, and in April it announced an international alliance with ICICI Bank. At that time, McCormack said the Indian bank would play an important part in the rapid global expansion of GoalSaver.
ICICI Bank is the first bank to go live with the GoalSaver product, but in a interview last week McCormack said his company has a “boatload of banks” it will be announcing during the next 60 days.
To learn about Social Money’s partnership announcement last week, see our post: “Social Money reveals new product, deal with Bancorp“.
Credits: Screenshot from iwish.icicibank.com. McCormack photo courtesy of Social Money.