DES MOINES—It’s been a busy week for Social Money.
Earlier this week, the financial services technology company announced CoreSaver, an end-to-end digital banking solution for credit unions and community banks.
Now the West Des Moines-based company has announced a partnership with The Members Group (TMG), a Des Moines-based financial services company that provides payments processing solutions. Social Money, which describes itself as “a financial services technology company creating innovative products that help consumers save,” will team up with TMG to provide prepaid card options for all of its products.
“Our financial institution clients look to TMG for the kinds of consumer insights that generate consumer love and loyalty,” TMG CEO Shazia Manus said in a press release. “By partnering with innovators like Social Money, which have direct lines to influential consumers, we learn even more about the behaviors, perceptions and preferences of key audiences for our credit union and community bank clients.
“Social Money will be a tremendous partner for TMG, and we look forward to delivering our top-notch prepaid product to our client communities.”
According to TMG, the company’s prepaid card program has grown 27 percent year-over-year, making a partnership with Social Money’s savings core processing systems a logical choice.
This isn’t the first time that TMG gotten involved with local financial tech startups. In July, TMG harnessed Dwolla’s API to create See2Pay, the first Google Glass app capable of moving hard currency.