News from the Wire

KyckGlobal, MetaBank, MoneyGram to provide gig economy payments to underbanked

Tuesday, November 12, 2019 — 13:13:03 (EST)

ATLANTA, GA – KyckGlobal, Inc. has partnered with MetaBank®, a wholly-owned subsidiary of Meta Financial Group, Inc.® (Nasdaq: CASH) (“Meta”), and a federally chartered savings bank headquartered in Sioux Falls, South Dakota, and MoneyGram International, Inc., a global provider of innovative money transfer and payment services, to offer an array of innovative disbursement options to underbanked individuals. KyckGlobal will serve as the front end and customer acquisition vehicle; MoneyGram will be the exclusive provider of cash pickup for payees, while MetaBank will sponsor the program. Verticals for initial solicitation will include the specialty consumer lending market and multi-level marketing (“MLM”) companies.

KyckGlobal is a next-generation platform that provides access to a robust array of popular payment types. KyckGlobal will add value to the groundbreaking partnership by consolidating multiple types into a single point of settlement, and through the provision of its exclusive arrangement with MoneyGram. MoneyGram has roughly 350,000 agent locations around the world; KyckGlobal is headquartered in Atlanta, GA.

"The Federal Reserve Bank estimates there are 55 million unbanked and underbanked adult Americans," said Ashish Bahl, CEO and founder of KyckGlobal. “The growing gig economy has ushered in a host of new payment options that can meet the needs of the underbanked, where traditional banking has fallen far short. That’s precisely the purpose of our new partnerships with MoneyGram and MetaBank.”

“Meta is committed to supporting financial literacy and products that help move people toward financial freedom,” said MetaBank EVP and Head of Payments Sheree Thornsberry. “This exciting partnership with KyckGlobal will lift up the millions of Americans that do not have access to the kinds of financial products and services that many of us take for granted.”

“This partnership provides precisely the kind of opportunity MoneyGram looks for to expand choice among new and existing customers,” said Alex Holmes, CEO and chairman of MoneyGram. “KyckGlobal is an invaluable partner in reaching this group of consumers who may need more options for sending and receiving money, both digitally and in-person.”

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Source: Company press release.