The company develops tools for the social media space that lets financial institutions offer loyalty programs to their customers via its Buzz Points platform. Buzz Points is marketed as a turnkey product to help FIs realize non-interest fee-based income while building community with local merchants. Local merchants, customers of the FIs, in turn gain traction with customers through the deepened relationship with customers.
Fisoc sells primarily to community banks and credit unions, and building stronger communities is an important piece of its brand message.
Investors in this latest round of funding include KEC Holdings, LLC, Greycoft Partners, and Metamorphic Ventures, as well as investors based in Austin, fisoc’s home market.