Company overview: Akimbo seeks to create a versatile, intuitive, web-based banking solution by effectively combining a general purpose reloadable (GPR) prepaid MasterCard or VISA debit/ATM card with a full suite of online electronic funds transfer tools. This behavior-driven product will provide the user the ability to transfer funds to and from other financial accounts, send and receive funds directly to and from other individuals (i.e., peer-to-peer transfers - P2P), and pay bills online.
How TVL helped: Texas Venture Labs’ primary focus was to outline various customer segments through completing in-depth analytics to aid in more specific customer marketing. The TVL deal team conducted an email survey of Akimbo’s entire customer database, segmented by active and inactive users. The survey gathered demographic, buying preference, and key behavior attributes, and provided Akimbo a comprehensive look at the company’s existing customer base. Based on results from the survey, TVL students developed strategies to convert inactive users to active users, and recommendations on which specific new customer segments would be most profitable for the company.
The Latest: Akimbo has continued to make progress since participating in the TVL accelerator, and has raised $1.6M in venture funding since the Fall of 2011.