Prizeout Partners CUSO Expands, Gives CUs New Revenue Streams
The CUSO announces the addition of three large credit unions to its partnership base.
In less than two years after forming, the New York, N.Y.-based CUSO Prizeout Partners continued its growth momentum with the addition of three new and large credit union partners on Tuesday.
According to Prizeout Partners, the new credit unions include the Sacramento, Calif.-based Golden 1 Credit Union ($19.3 billion in assets, 1.1 million members), New York, N.Y.-based Municipal Credit Union ($4.3 billion in assets, 616,846 members) and Raleigh, N.C.-based Coastal Credit Union ($5.2 billion in assets, 333,222 members). Through this newly-formed partnership, Prizeout will be able to offer its suite of products to an additional two million credit union members.
Formed in February 2023, Prizeout Partners gives credit unions access to the ad-tech company Prizeout’s merchant gift card withdrawal platform. Initially, nine credit unions formed the CUSO. Those credit unions included Suncoast Credit Union, Interra Credit Union, MSUFCU, Patelco Credit Union, Stanford Federal Credit Union, Credit Human, Langley Federal Credit Union, Collins Community Credit Union and University Credit Union.
“We are thrilled to welcome Golden 1, Coastal and Municipal Credit Unions to the Prizeout Partners CUSO,” David Metz, founder/CEO of Prizeout, said. “These credit unions have a strong legacy of serving their members with excellence, and their decision to join us speaks volumes about the innovative value we bring to the table. We are excited to collaborate with them to offer enhanced financial solutions and exclusive rewards that align with their commitment to member satisfaction.”
According to the CUSO, Prizeout Partners includes 20 credit unions and credit union organizations. Prizeout is connected with 41 credit unions and financial institutions nationwide, serving more than eight million members. Metz said he sees this growth as underscoring Prizeout’s expanding influence and mission to deliver some significant tools to credit unions across the country.
Prizeout explained its existing suite includes CashBack+ Offers with more products coming soon to earn members additional cash back:
- For credit unions: CashBack+ creates a new stream of non-interest income for credit unions by offering up to 3% on every member transaction, going above and beyond interchange fees. With new offers and brands joining all the time, CashBack+ also provides credit unions with ongoing reasons to communicate with their members and new ways for members to engage with their digital platform.
- For credit union members: When credit union members log in to their online banking application, they are presented with the option to purchase personalized digital gift cards with cashback offers from an online marketplace of nearly 550 national and local brands. The cashback is instantly deposited directly into their CashBack+ Balance where it can be used to purchase another gift card or transferred back into their credit union account.
“I view the credit unions as David,” Metz said. “I view the big banks as Goliath. And I view Prizeout as the slingshot that is in their hands. We’re just there to help them to build the products that help them compete against some of the massive banks out there.”
Golden 1 Senior EVP Dustin Luton added, “Prizeout brings innovative technology to the credit union space and has revolutionized valuable member savings opportunities. We look forward to our partnership with the Prizeout Partners CUSO as it will allow us to further enhance our products and services, directly supporting our mission of delivering exceptional financial services and support to empower our members and communities throughout California.”