Australian-born Peter R. Rancie co-founded TranzactCard in 2021 in Provo, Utah. Growing up in a neighborhood originally constructed for the 1956 Melbourne Olympics athletes, Peter’s eclectic career took him from teaching elementary school students in Victoria, Australia, to the boardrooms of top-tier financial institutions.
Starting as a teacher after graduating from LaTrobe University, Peter soon realized his aspirations extended beyond the classroom. Leaving education behind, he ventured to join forces with his brother, Ken Rancie, in the world of advertising. Together, they revolutionized an old insurance company, OST Friendly Society, helping to turn it into a $1 Billion enterprise. Through their success with OST, the Rancies soon found themselves handling marketing projects for some of Australia’s largest financial players.
Over time, Peter and Ken managed over $100 million in advertising and marketing expenses, reaching millions of customers. Their innovative concepts eventually led them to the US, aiming to introduce a unique bank card concept via community banks. It was during this time that Peter met and collaborated with Terry K. McEwen, former Director of Banking for the State of New Jersey. This friendship provided Peter with insights into the American banking world and its challenges.
Peter's banking experience and dedication to problem-solving led him to the United States Bankers Association (USBA), where he assisted in reshaping their mission for small-to-medium banks. In 2021, he joined forces with Utah entrepreneur Richard Smith to launch TranzactCard, aiming to revolutionize the banking experience with innovative rewards and a social impact mission.
TranzactCard, while in its early stages, is garnering attention in the U.S. banking sector with over 20,000 bank account customers. The organization’s primary focus, stemming from Peter’s decades of charitable efforts and driven by a passion for making a difference, is on social impact. Merging this passion with banking business acumen, Peter, along with co-founders Richard Smith and legal expert Jared Moss, established TranzactCard as a socially-conscious entity with a unique structure.
TranzactCard is scheduled for official launch in November 2023.