Many consumers use their credit cards to rack up rewards to be used toward travel.
But what if you’re an action sports fan, and using your payment card could lead to a virtual freeride session with your favorite surfer, skater or snowboarder? Thanks to San Diego-based Jib Technologies, that opportunity may be less of a stretch than you think.
The financial technology (FinTech) startup is out to give brands and tech companies a way to launch custom co-branded prepaid, virtual and debit cards as well as customized payment enabled wearables.
Put simply, Jib aims to help consumer brands launch their own co-branded Visa or Mastercards very quickly and easily by handling the program creation, card issuance and customer service for brands. The startup has already launched several co-branded card programs.
The company is out to modernize the whole concept of co-branded payment card programs. There are close to 200 brands with traditional credit card programs but they are often old legacy businesses such as Costco and Sam’s Club. Of the 200 that exist in the U.S. today, only one is from a company that is less than two decades old. Jib wants to connect folks with brands they love, and elevate fans’ relationships with those brands.
Jib’s customized rewards programs are catered to very specific demographics that actually truly appreciate the value that that brand is providing.
Our first programs helped fans get things like action sports athletes’ autographs and event sponsors product samples as well as experiences that money can’t buy. The company plans to announce more programs this year and says that it’s able to do so in a matter of weeks compared to traditional issuers, which can take months or more than a year to issue similar programs.
Jib is attempting to shake up a massive market. Consumer credit cards yielded an estimated $150 billion in revenue for traditional banks in 2019, but startups only captured a small fraction of the value. Jib aims to help brands and tech companies snag a larger piece of the huge market by working with a bank issuer to provide simple card issuance and bespoke digital payment programs for customers of those brands.