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News Arriba Offers Consulting 07/08 Arriba Introduces Money Services Platform 01/08 AML and Regulatory Expert Joins Advisory Board 09/07 Arriba Forms Advisory Board 07/07 Arriba Attends AMME Annual Convention 07/07 Arriba At Fiesta de Patrias 09/06 Arriba Teams Up With AMME 07/06 Arriba Card, Inc. Formed To Help Hispanic Consumers 04/06
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Arriba Card, Inc. Intends To Change the Financial Landscape For Hispanics April 16, 2006 - Arriba Card, Inc. has been incorporated in California to help provide better financial tools and services to the Hispanic market. While the purchasing power of Hispanics is expected to exceed $1 trillion by 2010 and is the fastest growing market in the nation, it is believed that 50% or more of foreign-born Hispanics in the U.S. are currently un-banked and that Hispanics make up 36% of the entire un-banked population, representing millions of under-served consumers that may be subject to predatory financial practices. Founder of the company, Jay Goth, explained: "I have spent the last few years as a consultant and executive in the stored value card industry. Those experiences have taught me that there is a huge market opportunity for a company dedicated to doing the right thing for the consumer. A few years ago I was involved in life insurance in the Hispanic market, explaining the difference between term, universal and whole life to consumers. They so greatly appreciated the information that they immediately asked me to help them with other areas, such as auto insurance, mortgages, etc. The loyalty, respect, and thirst for information was overwhelming." After many years in the real estate and insurance fields, Mr. Goth has determined that new and innovative technologies may be the key to helping the under-banked communities. He has focused on the Hispanic market for several reasons, including the size of the market, the growth of the Hispanic population, the need for services - but mostly his experiences in dealing with the consumers. "When I see people standing outside check cashers on Friday afternoons, or waiting in line at a money transfer store to pay high rates to send money home to their families, I know there is a better way," he stated. "Basic financial services are overpriced, and I don't even want to talk about what's happening in the real estate and lending areas. It's time that a true service company comes to market and does the right thing. Just doing that will set us apart from the rest." Arriba intends to combine both services and education to help the community. The company plans to start with a Stored Value Card, a fairly new concept. Stored value cards are most similar to a bank checking account debit card. However, instead of opening a bank account, the funds of the cardholder are pooled with all of the other cardholders. With such a card, consumers can pay bills, set up automated withdrawals, send money to other cardholders, and more, all from the comfort of their home. The company plans to conduct additional research, recruit a management team, and reach out to community leaders and citizens in order to develop a card and services that can best serve the market. |
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