The OnBudget budgeting solution consists of a prepaid Mastercard and associated Smartphone App which enables an unprecedented level of simplicity and effectiveness in managing monthly household spending and budgets. The OnBudget prepaid card addresses a new emerging "prepaid budget card" product category which is complementary to bank accounts and credit cards. The OnBudget solution is optimized for easy budget management, tracking spending trends and giving the user valuable savings insights.
OnBudget is intuitive to use and effortless to setup. Users simply setup a monthly budget load and start using the card to realize the benefits of OnBudget. A simple user interface allows the user to quickly get an overview of the account, view spending categories, set and track monthly budget status and limits per category, gain valuable insights into their spending habits, and receive valuable tips on potential savings. To deliver valuable spending trend insights, OnBudget has developed a proprietary OnBudget Spending Insight System that tracks transactions, categorizes spending, identifies patterns, and offers insights and budgeting tips to the user. This system continuously learns through intelligent algorithms that analyze transactions, identify trends, and interact with the user.
The OnBudget card is a General Purpose Reloadable (GPR) prepaid card. The GPR prepaid market is a young, exciting, emerging market in the financial services industry. This market has quadrupled in the last five years and is projected to triple in the next three years. Although the the lower end unbanked consumer segment has driven the GPR prepaid market growth in the past, prepaid products are moving upmarket with more and more affluent banked consumers using prepaid. OnBudget’s innovative prepaid card product addresses the fastest growing and most lucrative market segment of the prepaid debit card market, the middle income "banked consumer" segment. Our target market consists of banked households with annual incomes between $50,000 and $200,000 (of which there are 54 million in the U.S.) as opposed to the traditional prepaid industry target market of unbanked households with household income less than $50,000.
OnBudget was founded by three seasoned executives with extensive experience in launching innovative prepaid card programs which have received industry awards for product excellence.
President and CEO
Mr. Collas has over twenty-five years of senior executive experience in the computer industry, the prepaid card sector and consumer markets. Prior to OnBudget, he was the co-founder and CEO of BillMyParents, Inc., an award winning prepaid card issuer targeted at the parent/teen market. Mr. Collas has built and managed organizations of over 2,000 employees, led the development of hundreds of consumer products and services accounting for over $28B in worldwide revenues and secured over $50M in early stage financing across several ventures. Between 1992 and 1999, Mr. Collas was a senior executive at Gateway Computers, playing a key role in growing the company from $600 million to over $8 billion in revenues. He was also part of the executive team that took Gateway public. During his last three years at Gateway, Mr. Collas was CTO and Senior Vice President in charge of worldwide product strategy, product development and product management.
Chief Operating Officer
Mr. Hall’s experience encompasses over 20 years in business operations, business planning, organizational development, systems design and implementation, account and program management and process improvement. He has extensive knowledge of eCommerce, retail, prepaid cards and telecommunications. Mr. Hall led comprehensive operational teams for Sprint Telecommunications, Mid American Energy, Red Envelope and ProFlowers. At ProFlowers he streamlined sales operations through system automation and established the account management program for key accounts and co-branded partners. He was instrumental in securing large customers including Kroger, Albertsons, Mastercard, American Express and Martha Stewart Flowers. Mr. Hall led all operations at BillMyParents including technology, service operations and program management.
Chief Financial Officer
Mr. Shultz has over twenty-five years of experience in public accounting and as CFO of several public and private firms. Prior to OnBudget he was Chief Financial Officer, Secretary and Treasurer of BillMyParents, Inc. Mr. Shultz has also been a financial consultant, CFO, and CIO for several California companies including Neology, Inc., California Clinical Trials, Aurora Electronics, Inc. and Asset Recovery Concepts. He began his professional career in public accounting where he worked for seven years in the Audit and Attest Practice (most recently as a Manager) with Ernst & Young, specializing in computer technologies. Mr. Shultz has extensive international experience having worked in Mexico and Brazil with three firms and speaks four languages. He possesses Bachelors in Accounting and Masters in Finance degrees from San Diego State University and is a Certified Public Accountant, Certified Management Accountant, and a Certified Financial Manager.
Mr. Corrales has 15 years’ experience launching successful web applications and designing high-growth, profitable Internet marketing strategies around them. He has headed marketing strategy for payments industry companies including BillMyParents and Intuit. He also led the Marketing and partnership development for technology start-ups including: Greenest Host (cloud IT services), Nirvanix (enterprise cloud storage) and Proflowers (ecommerce.) He is a graduate of the University of San Diego and the Strategic Marketing Management Program at Columbia University. Most recently, he also completed the MIT Sloan School of Management's Executive Program in Strategy and Innovation.
Contact Information for inquiries on investing in OnBudget, Inc.:Jonathan Shultz
Chief Financial Officer & Co-Founder
Tel: (619) 244-0665