Silicon Prairie News

Social Money set to double staff, space in coming months

West Des Moines April 30, 2012 by Michael Stacy

In March, Social Money shared a photo of its West Des Moines-based team on its Facebook page.

Social Money today announced plans to more than double its workspace and workforce this summer.

The company, which makes products for goal-based, social savings, currently has 30 employees. Most are based in Social Money's West Des Moines headquarters. The company said in a release that it plans to hire close to 35 additional employees, both in Iowa and abroad, for jobs that include web development, engineering, project management, graphic design and sales. The company also plans to more than double the size of its offices from the 4,000-square-foot space it presently occupies.

"We started five years ago with just me and Jon Gaskell, working out of our homes," Mike Ferrari, the company's co-founder, said in a press release. "The scale we're experiencing today is extremely exciting, and is beginning to wildly exceed our expectations."

In February, the company announced it was changing its name from SmartyPig to Social Money and began offering its product as a white label solution called GoalSaver. The GoalSaver system is available to any bank in any country, using any language and currency, as a way to create a scalable and customizable application for goal savings. GoalSaver can also be used by merchants and in other industries.

"Our new product, GoalSaver, is helping us grow at a rate I have not experienced in my 20 years of financial services," Social Money president Scott McCormack said in the release. "And it wouldn’t be possible without our people. We are fortunate to have an exceptional team of hard-working, bright, innovative individuals. We are very much looking forward to building on the group."

McCormack, who joined Social Money in November, said the company will continue its pursuit of international growth. Social Money opened offices in Chandigarh, India in March and earlier this month announced an international alliance with ICICI Bank, which is based in India.

Sarah Foss, Social Money's director of marketing, said in an email this afternoon that the expansion includes no funding. The company has not raised capital, Foss said, since 2009. 


Credits: Photo from SmartyPig on Facebook.

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