Thursday, June 25, 2009

Red McCombs Invests In Online Banking Firm SmartyPig

Texas billionaire Red McCombs has made an investment in an online banking firm with a social networking bent, McCombs said today. According to SmartyPig and McCombs, McCombs has agreed to purchase a "substantial" equity stake in the banking firm, which provides both online banking services as well as social tools to save money and track spending. The firm said it now has more than $100M in U.S. customer deposits, and expects it will reach $500M by the end of the year. SmartyPig also has relationships with retailers like Home Depot, Best Buy, and Babies R Us to provide cash incentives to customers. McCombs is co-founder of Clear Channel Communications, the Red McCombs Automotive Group, and formerly owned the Minnesota Vikings, San Antonio Spurs and Denver Nuggets.