Prepaid Card Provider Akimbo Raises Money to Make Prepaid Multi-Platform

by Mercator Advisory Group 0

Prepaid card provider Akimbo wants to make prepaid cards work well across plastic, mobile, and Internet-based platforms and encourage people to use prepaid as a way to send money.

From TechCrunch:

Like LevelUp, Akimbo wants to stand out from the pack by offering a fee-free platform through which users can send and request money to any email address, Facebook friend or mobile phone. Simply put, it’s PayPal meets a Visa pre-paid card. In other words, Akimbo allows users to access transferred funds from ATMs and any location that accepts Visa debit cards. In an effort to target the some 10 million young people who use prepaid credit cards, Akimbo enables users to link and load the card with their bank accounts with cash or via direct deposit.

Akimbo also allows cardholders to open sub-cards that can be loaded from the primary card, so a cardholder can have sub-account cards for a spouse, a child, or even someone like a babysitter who is not directly related. The goal is to facilitate the movement of funds.

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