Akimbo

About Akimbo

Akimbo operates as a payments platform centered around the Akimbo Prepaid Mastercard, a product and trademark of FiCentive, Inc., which is owned and operated by Usio, Inc. (Nasdaq: USIO). The card, issued by Sunrise Banks N.A., Member FDIC, functions as a versatile tool for both individual consumers and organizations.

For individuals, the Akimbo card serves as a budgeting tool and an alternative to traditional banking. Cardholders can load funds via direct deposit, bank transfers, or at retail locations. The platform allows for the creation of up to five sub-cards, making it suitable for managing allowances for family members or budgeting for specific household expenses. Key features include the ability to send money to other Akimbo members, disable and enable the card in real-time for security, and receive transaction alerts via text. The card is accepted wherever Debit Mastercard is accepted and can be used at ATMs worldwide.

The company also provides a card platform for businesses, non-profits, and government entities, facilitating services like disbursing incentives, managing business expenses, and distributing relief funds, such as for COVID-19 and vaccine incentives. Akimbo leverages its 22 years of experience in the prepaid card industry to offer customized programs for its organizational clients. The business model generates revenue through various fees which may include ATM withdrawals and PIN-based point-of-sale transactions, though some can be waived. While the company promotes a no-monthly-fee structure for its primary card, specific details are outlined in the cardholder agreement.

Founded in 2010 by Tom Turner, the San Antonio-based company, initially known as Akimbo Financial, Inc., raised $1.24 million over three funding rounds to develop its debit card platform. It was conceived as a system to simplify money disbursement for individuals, families, and small businesses by enabling instant and free money transfers within its network.