Banking Up

About Banking Up

Based in New York, Banking Up, also known as Plastyc, was established in 2006 by founder Carles Guillot. The firm operated as a banking solutions provider, positioning itself to help other businesses and financial institutions enhance their service delivery.

The company's core offering was a platform designed to enable its clients to provide web and mobile banking and payment services to consumers. A key product, operating under the Plastyc brand, allowed any U.S. resident to open an FDIC-insured prepaid account with minimal friction, notably without requiring a credit history or score. This targeted an underserved segment of the market, aiming to deliver essential banking services to a broad audience at a low cost.

Banking Up's business model centered on providing turnkey solutions for its partners. These services included a transactions processor and portfolio optimization tools specifically for managing prepaid programs, which could be integrated on top of the client's existing processor infrastructure. The company secured $3 million in total funding across two Series A rounds, with Core Innovation Capital listed as an institutional investor. Despite its efforts, the company has since ceased operations and is now defunct.