AUSTIN, Texas fisoc, a company that provides the Buzz Points merchant-funded loyalty program that enables credit unions and banks to connect consumers and merchants through social media engagement and rewards, announced four more credit unions and a bank as customers.
The company’s new customers include Directions CU in Toledo, Ohio, Fond du Lac CU in Wisconsin, Union Square FCU in Wichita Falls, Texas, Community Service CU in Huntsville, Texas, and Fidelity Bank in Scranton, Penn.
“The recent completion of our C Round of funding is enabling us to grow our marketing and sales teams,” said Jay Valanju, fisoc’s chief executive. “As a result we are increasing the pace of our expansion in the Midwest, Northeast and Southeast regions of the U.S.”
Fisoc raised $5 million in fresh capital in December from investors including Greycroft Partners, KEC Holdings and Metamorphic Ventures. The company combines a financial services platform with social media for credit unions and community banks to attract new members/customers by offering enhanced services and an incentive to shop with local merchants that participate in the Buzz Points Merchants Program.
When local businesses start to award Buzz Points, they enable credit union members and banking customers to earn those points at a participating merchant location each time a debit card is used. The program can increase customer loyalty, provide the opportunity for merchants to promote selected products and attract new business, the company said.
The points earned can lead to reward cards that can be redeemed locally or donated to a favorite church, school, sports team, charity or local public service organization. The theme of the program is “buy local, shop local, give local.”