Mango Financial, a financial services firm dedicated to serving unbanked consumers, has entered into the US market with an opening of new office in Austin, Texas.
The store offers money management solutions, including the Mango MasterCard prepaid card and integrated YAP branded mobile money transfer service and free alternatives to check cashing services.
The store has been pilot testing and refining its services based on feedback from Mango members since December 2009. Mango is designed to offer a service for consumers, who either don’t qualify for conventional bank services or prefer not to use them. The Mango store’s products and services include prepaid debit cards, check loads, bill pay and domestic and international money transfers.
Its main product, the Mango card gives its members an easy way to spend, receive, send and manage funds without a bank account. Loading a paycheck or other funds onto a Mango prepaid debit card provides safe, affordable home for Mango customers’ funds, an access to a range of advanced products and services, including bill pay and international money transfer, as well as the ability to send money and manage accounts via text message.
The reloadable card is free to members and comes with free features, including activation, monthly service provided the customer loads $500 per month, purchase transactions, online account-to-account and bank transfers, direct deposit and free customer service.
In addition to loading cash at retailers nationwide, or receiving funds via YAP on their mobile phones from other accountholders, the members can instantly add money to their accounts each pay period at no charge by enrolling for direct deposit.
Mango members can also send money between accounts online at mangomoney.com or transfer money from a bank account to a Mango account at no cost.
Moreover, Mango plans to open more Austin locations and then expand to other US cities within three years through corporate stores, franchises and retail partnerships. Currently, customers outside of Austin can obtain a Mango MasterCard prepaid card and select services offered in store at its web portal.
Horizon Bank, member FDIC, issues the Mango MasterCard prepaid Card. Rev North America, processes purchase transactions, and Mpower Mobile powers the card’s mobile capabilities. Mango Financial, the Rev Worldwide companies and Mpower Mobile are members of the Mpower Ventures investment portfolio.
Bertrand Sosa, Mango co-founder, also a founding partner of Mpower Ventures, the venture capital firm behind Mango, said: “Our understanding of unbanked consumers, first-rate customer service, innovative technology, best value pricing and integrated product and brand strategy – all are in play in a powerful model that makes sense for the customer and the business.”