Prizeout Launches Cash-Back Products for Credit Unions

Prizeout has introduced a new white-label solution that enables credit unions to offer their members a suite of cash-back products.

The new CashBack+ helps credit unions boost their non-interest income and offer new benefits to their members, the advertising and FinTech company said in a Tuesday (Feb. 20) press release.

“CashBack+ was created to give credit unions the tools to compete with big banks and help their members put money back into their pockets with every purchase,” David Metz, founder and CEO of Prizeout, said in the release.

The technology behind CashBack+ seamlessly integrates with credit unions’ online banking systems, enabling them to offer their members access to a wide range of national and local brands through a digital marketplace, according to the release.

For credit union members, CashBack+ offers the option to purchase digital gift cards with cash-back offers, the release said. The cash back is available instantly and can be used to purchase another gift card or deposited into the member’s bank account.

For brands participating in the marketplace, CashBack+ serves as a zero-risk customer acquisition tool, allowing them to target specific users and pay only for those they want, per the release. It does not charge for impressions or clicks.

CashBack+ is available to credit unions, community banks and other financial institutions, according to the release. It is already live with several credit unions and banks across the United States, with more expected to join in the coming months.

Lori Holmes, vice president of marketing at Bellwether Community Credit Union, said in the release: “We were very excited to bring CashBack+ to our members. It was a no-brainer to integrate into our digital banking experience.”

Prizeout serves nearly a dozen industries across gaming, crypto, government and financial institutions, and works with consumers, partners and merchants, Metz told PYMNTS in an interview posted in May 2023.

“While we continue to nurture all of our verticals, our focus is on credit unions and banks,” Metz said. “After creating a CUSO [credit union service organization] to provide our technology to credit unions and attending credit union trade shows, we’re now ready to execute and help members get more purchasing power on their withdrawals while supporting their local communities and merchants.”