ICICI Bank to Use SmartyPig's GoalSaver

ICICI Bank has agreed to use SmartyPig's GoalSaver social savings product.

The Mumbai bank, which has about 2,700 branches in 19 countries, will use the Des Moines company's GoalSaver product, which SmartyPig began selling to banks in January. GoalSaver is a version of the social savings account SmartyPig offers directly to consumers on its website.

When SmartyPig released GoalSaver, it began doing business under the name Social Money Systems.

"We are thrilled to be working with one of the world's leading financial services companies," said SmartyPig's chief executive Scott McCormack, in a press release Wednesday.

In February, SmartyPig opened an office in India and said it was in talks with several banks in the region. At the time, the company said it expected to open additional offices in the U.S. and overseas over the next year and a half.