Prizeout expands reach in credit union space; new partnerships provide 2M+ more members access to cutting-edge rewards while providing credit unions new revenue streams and member acquisition tools
NEW YORK, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Prizeout is excited to announce the addition of three leading credit unions - Golden 1 Credit Union, Coastal Credit Union, and Municipal Credit Union, to the Prizeout Partners credit union organization (CUSO). Through this partnership, an additional 2M+ members will now have access Prizeout's new CashBack+ suite of products.
“We are thrilled to welcome Golden 1, Coastal, and Municipal Credit Unions to the Prizeout Partners CUSO,” said David Metz, Founder and CEO of Prizeout. “These credit unions have a strong legacy of serving their members with excellence, and their decision to join us speaks volumes about the innovative value we bring to the table. We are excited to collaborate with them to offer enhanced financial solutions and exclusive rewards that align with their commitment to member satisfaction.”
The CUSO, established in February 2023, allows credit unions to license Prizeout's proprietary technology and collaborate on new product development for the collective benefit. To date, the Prizeout Partners CUSO includes 20 credit unions and credit union organizations. In total, Prizeout partners with 41 credit unions and financial institutions nationwide, serving more than 8M+ members and customers, along with the memberships of MDC and Alloya. This growth underscores Prizeout’s expanding influence and its mission to deliver unmatched value to credit union members nationwide.
The existing suite includes CashBack+ Offers with more products coming soon to earn members additional cashback:
For Credit Unions: Prizeout’s technology integrates directly with credit unions' online banking and core system providers for a seamless, white-labeled experience. CashBack+ creates a new stream of non-interest income for credit unions by offering up to 3% on every member transaction, going above and beyond interchange fees. With new offers and brands joining all the time, CashBack+ also provides credit unions with ongoing reasons to communicate with their members and new ways for members to engage with their digital platform.
For Credit Unions Members: When credit union members log in to their online banking application, they are presented with the option to purchase personalized digital gift cards with cashback offers from an online marketplace of nearly 550 national and local brands. The cashback is instantly deposited directly into their CashBack+ Balance where it can be used to purchase another gift card or transferred back into their bank account.
The platform will soon include a full suite of products that can earn members additional cashback.
“Prizeout brings innovative technology to the credit union space and has revolutionized valuable member savings opportunities,” said Dustin Luton, Senior Executive Vice President for Golden 1 Credit Union. “We look forward to our partnership with the Prizeout Partners CUSO as it will allow us to further enhance our products and services, directly supporting our mission of delivering exceptional financial services and support to empower our members and communities throughout California.”
These three credit unions are amongst the largest in the nation with over $30 billion in combined assets. Their decision to join the CUSO underscores the increasing recognition of Prizeout's value in the financial services industry.
“We’re excited to partner with Prizeout,” said TJ Wyman, Chief Digital Officer of Coastal Credit Union. “As our products continue to evolve to meet changing member needs, having Prizeout in our toolkit will help give us an edge in rewarding members for choosing Coastal for their everyday needs.”
“Members choose a credit union because of the Credit Union Difference and our philosophy of people helping people," said Kyle Markland, President of Municipal Credit Union in New York, NY. "Providing our hardworking members with value-added services such as Prizeout at no additional cost to them helps make their hard-earned money go a little farther."
For more information on joining the CUSO, please contact pr@prizeout.com
About Prizeout
Prizeout is an advertising and financial technology company that helps put money back into people’s pockets. Through Prizeout’s technology, brand-funded offers are available to all partners, including financial institutions, gaming companies, gig economy startups, and more, giving them access to instant cashback from national and local brands when they shop with digital gift cards. The company was founded in 2019 and is headquartered in New York City. For more information about Prizeout, please visit www.prizeout.com.