Lending

Special Report: Eighth Annual Underbanked Financial Services Forum

Lenders strive to bring underbanked consumers into financial mainstream.

June 10, 2013
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PayPerks

PayPerks co-founders Arlyn Davich and Jake Peters (left) accept a $10,000 grand prize from Core Innovation Capital’s Victoria Cheng and Mike Harris for winning the Core Innovators Mega Challenge. The award, sponsored by Core Innovation Capital, recognizes the nation’s best new financial product or service for the emerging middle class (a.k.a. the underbanked).

Based on audience voting, PayPerks beat out nine other financial-service innovators for the prize.

PayPerks partners with issuers of pre-paid debit cards, including Direct Express, the payment card for federal benefits recipients, to put financial education in front of cardholders. Cardholders earn points by completing Web- and mobile-based education modules that can be used to enter prize sweepstakes.

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