WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Today, Kaiku Finance, LLC, officially launched the KAIKU Visa Prepaid Card (“KAIKU Card”), a reloadable prepaid debit card with some of the lowest fees in the industry. As the first product launched by the company, the KAIKU Card empowers consumers to more effectively manage their money with an unparalleled combination of affordability, transparency, access, convenience and mobility.
“As a brand committed to empowering customers to maximize their financial future, Kaiku Finance is excited to work with partners and institutions that are helping the prepaid industry move forward.”
Kaiku Finance is led by Jon Round, who serves as CEO. A seasoned veteran in the prepaid industry, Round has more than 20 years of experience in the mobile, prepaid and global payments sector, including launching the first ever Visa prepaid card programs in Canada and the United Kingdom.
“Prepaid debit cards can be so much more than a last resort,” said Jon Round, CEO of Kaiku Finance. “Our increasingly mobile, value conscious, brand centric and cashless society demands new ways to manage their money. The KAIKU Card is an affordable and smart lifestyle choice for all types of consumers, with transparent and low fees, great features and, convenient tools to enable anyone to manage his or her money through his or her preferred channels. The KAIKU Card represents the next generation of prepaid.”
The KAIKU Card offers consumers the following benefits:
- Cardholder funds are FDIC insured
- No activation fee
- Monthly fee of $1.95
- Ability to load funds by cash, from a credit card, from a bank account, by transfer from another KAIKU Card
- Access to more than 43,000 surcharge-free ATMs globally through the Allpoint Network and valid wherever Visa is accepted
- Free apps for iPhone, Android and Blackberry
- Free 24/7 customer service
- Free card-to-card, bank-to-card and Paypal-to-card transfers
- No inactivity fee
In addition, Kaiku will also reward cardholders with “Kaiku Karma” each time they refer a friend. Every time a referral activates and spends at least $100 on their new KAIKU card, Kaiku will add $10 to the account of the cardholder who referred that person. The prepaid market is experiencing explosive growth, with Mercator Advisory Group estimating that consumers will load roughly $160 billion onto prepaid cards in 2014, up from about $50 billion in 2011. A recent study from The Aite Group found that many prepaid users earn more than $45,000 annually, have a college degree, a checking account and a credit card, supporting that there is a demand for the KAIKU Card.
The KAIKU Card is also substantially more affordable than leading prepaid providers. According to company estimates, KAIKU cardholders will save an average of $65 - $225 annually compared to similar usage with traditional reloadable prepaid debit cards offered by Green Dot, NetSpend, RushCard and Wal-Mart, among others. Moreover, at a time when the Consumer Finance Protection Bureau (CFPB) is calling for greater transparency from the prepaid industry, Kaiku Finance enters the market with a prepaid card that embodies the four compass principles set forth by the Center for Financial Services Innovation (CFSI), a leading authority on financial services for underbanked consumers.
Joel Sherwin, COO of Kaiku Finance, added, “As a brand committed to empowering customers to maximize their financial future, Kaiku Finance is excited to work with partners and institutions that are helping the prepaid industry move forward.”
To learn more about the KAIKU Visa Prepaid Card visit: www.kaiku.com.
About Kaiku Finance, LLC
Kaiku Finance, LLC, is a provider of forward thinking prepaid products and services, offering convenient, flexible and affordable alternatives to traditional banking. The KAIKU Visa Prepaid Card is a next generation, reloadable debit card that empowers cardholders to more comfortably manage their finances by combining low fees with unsurpassed access, convenience and mobility. Product information can be located at: www.kaiku.com. For corporate information, please visit: www.kaikufinance.com.