Geezeo Goes White Label, Partners with Stanford Credit Union
Hartford, CT-based Geezeo—which was one of the first New England Internet startups Xconomy ever profiled, back in August 2007—announced late Monday that it’s found the first customer for its new institutional service, a personal financial management suite it unveiled in February. Geezeo has focused up to now on providing financial management tools directly to consumers through its own website, but under its deal with Stanford Federal Credit Union (SFCU) in Palo Alto, CA, credit union members will see versions of Geezeo’s tools that are branded to look like they’re part of the credit union’s site.
Like Geezeo’s consumer service, the white-label “CreditUnion HQ” suite lets users view all their accounts in one place online, as well as create budgets, track their progress toward financial goals, discuss money issues with other members, and browse educational content.
“This economic climate demands that we look for new innovative ways to help give our members every advantage when it comes to managing their money more effectively,” said Ali Shafai, vice president of e-commerce at SFCU, in a statement about the partnership. “We expect that CreditUnion HQ will enhance member relations, increase retention, and attract a new generation of web-savvy members.”
SFCU is owned by 47,000 employees of Stanford University, Stanford Hospital, and the Stanford Linear Accelerator Center. It claims to have been the first financial institution in the world to offer customers online banking.
Geezeo also offers a version of its white label service that’s tailored for banks, rather than credit unions, but it hasn’t announced any customers for this version.
“Building an institutional product to has been core to our strategy from the outset,” Shawn Ward, Geezeo’s co-founder, said in February when the company introduced its white-label personal financial management (PFM) suites. “The plan was to build and prove our consumer business and then launch an institutional model based on market demand. Over the last six months we have been approached by dozens of financial organizations looking to offer Geezeo PFM functionality to their customer/members. The time is right.”
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