Largest Program of Its Kind with NIL Nonprofit Collective to Equip Student-Athletes to Take Control of Financial Futures
AUSTIN, Texas–(BUSINESS WIRE)–Ouro, a global fintech company founded in 1999 by former University of Texas (UT) students and Netspend founders Roy and Bertrand Sosa, today announced a game changing partnership with Texas One Fund, the Official NIL Collective of University of Texas Athletics, that is inclusive of benefits for all UT student-athletes. The multi-year partnership offers financial literacy training and money management programs, and the opportunity for all eligible student-athletes across all 21 men’s and women’s sports teams to participate and be compensated.
“This is an incredible opportunity for all of our student-athletes,” said Chris Del Conte, Vice President and Athletics Director of The University of Texas at Austin. “Like all young people, they need to build financial skills and judgment, and their unique circumstances make the need especially critical. With Ouro’s willingness to collaborate with Texas One Fund on an initiative that gives every student on every team a financial opportunity now and skills for the future is tremendous.”
Through the partnership, UT student-athletes who register for the X World Wallet, Ouro’s digital multi-currency wallet and payments app, will qualify to earn regular payouts as they promote the product and complete monthly financial training sessions and share their experience with the program across social media and various other marketing activities.
“Student-athletes know better than anyone that the small stuff, the everyday choices are what lead to big wins,” said Roy Sosa, Ouro Co-founder and CEO. “That’s the focus we’re bringing to their financial futures with the X World Wallet NIL program: here’s a tool and income you can use today along with the coaching and skills you need to make sure it pays off in the future, too.”
The program will kick off with a two-phased launch, beginning with an initial rollout this spring, and expand in the fall 2024 as various sports teams return for their new seasons.
“We believe this partnership with Ouro will be transformative for our student-athletes,” said Patrick “Wheels” Smith, President of Texas One Fund. “It aligns perfectly with our mission to prepare students for success with integrity in all aspects of their lives – by equipping students with practical money skills and a cutting-edge financial tool, Ouro is investing in their long-term success on and off the field.”
Ouro’s NIL program exemplifies the company’s founding commitment to expanding access to financial management tools and education and responds to a pressing need among college students, especially student-athletes navigating NIL opportunities.
“This NIL program is at the core of Ouro’s financial empowerment mission as we continue to reimagine financial services on a global scale,” added Bertrand Sosa, Ouro Co-founder, President and Chief Brand Officer. “Our collaboration with Texas One Fund is an immense source of pride and inspiration, because we know first-hand the power of ‘what starts here changes the world.’”
X World Wallet users can load their accounts from an existing bank account, debit card or credit card, spend money loaded on the accounts anywhere Visa debit cards are accepted, send money to other X users instantly, earn X points on everyday purchases that convert to cash instantly, exchange currencies in real-time, and more. Learn more at xworldwallet.com.
About Ouro
Ouro is a global, vertically-integrated financial services and technology company dedicated to the delivery of innovative financial empowerment solutions to consumers worldwide. Ouro’s financial products and services span prepaid, debit, cross-border payments, and loyalty solutions for consumers and enterprise partners. Since its founding in 1999 by industry pioneers Roy and Bertrand Sosa, Ouro products have processed almost a trillion dollars in transaction volume and served millions of customers worldwide. The company is headquartered in Austin, Texas with regional offices across the world. For more information, visit ouro.com.
About Texas One Fund
The Texas One Fund is the premier NIL collective providing opportunities for student-athletes at Texas. Texas One Fund, Inc. is a 501(c)(3) organization created to connect student-athletes to utilize their NIL to promote local nonprofits. TX 1 Fund, LLC is the corporate extension of the Texas One Fund and collaborates with businesses to provide corporate opportunities for Texas athletes.
Contacts
Meredith DeSpain, mdespain@legendlabs.com
