Innovative Card Solutions, a Cincinnati, OH-based provider of reloadable, prepaid MasterCard cards, online financial literacy courses and money management tools, has raised an equity funding, whose total amount remained undisclosed.
Investors include CincyTech, which committed $250k, and two individual backers.
Founded by brothers Wyatt and Wade Goins, the company develops and delivers prepaid card programs and technology platforms to corporations that want to provide direct payroll deposit to employees who don’t have bank accounts and universities whose students need a convenient way to manage their money and access tuition refunds.
To date, Innovative Card Solutions has created 23 financial literacy online training modules on subjects such as monthly budgeting, understanding your credit scores, avoiding identity theft and managing college loans. It also provides mobile messaging alerts and other money-management tools.
The company has formed strategic relationships with MasterCard, FIS, and The Bancorp Bank, signed agreements with Urbana University, University of Evansville, Florida Memorial University, Trine University and Wilmington College to provide the service to their students, beginning Autumn 2011, and is working with different staffing firms and payroll companies to provide payroll card solutions for their employees.
Innovative Card Solutions also has offices in Chicago.