Birmingham, Alabama-based prepaid digital payment solution provider Prepaid Technologies has scored $96 million in funding. The round was led by Edison Partners and StepStone Group, and also featured participation from Stifel Venture Bank and Top Tier Capital Partners.
The company has enjoyed 15,000% straight-line growth in its load value, as well as revenue gains of 9x over the five years since it last raised capital – $5 million in 2016. Prepaid Technologies currently has 1,700+ customers and 450 active partners including banks, payroll processors, payment providers, as well as digital banking platforms, enterprise technology companies, and merchant services providers. The company’s technology enables its customers to access and customize both B2C and B2B payments for payroll, rewards, purchasing, and disbursement.
“We purpose-built our platform to create a turnkey way for companies to configure payments solutions across their enterprise however they operate,” Prepaid Technologies CEO Stephen Faust explained. “Clients access payments through our dashboard technology or integrate solutions into their workflows through our robust API suite. We’re laser-focused on productization and customization that will help to transition more companies to card-based and digital solutions.”
With financial services clients such as CertiPay, Rocket Mortgage, PNC Bank, and Cornerstone – and boasting customers like Delta, Lowe’s, and Samsung more broadly – Prepaid Technologies was founded in 1998. The company acquired Dash, the purchasing card portfolio and expense management solution from Finovate alum Karmic Labs, in 2019. Prepaid Technologies has leveraged this acquisition to launch its MyDashCard app and dashPerks, a cashback rewards program for cardholders.
Prepaid Technologies will use the new capital to fuel market expansion and to continue to develop both its technology payments platform and its customer-focused prepaid solutions. As part of this week’s investment, Edison Partners Managing Partner Chris Sugden will join Prepaid Technologies’ board of directors.
In a statement, Sugden underscored the unique opportunities available to companies like Prepaid Technologies in the current environment. “Loyalty payments and refund programs present an enormous niche opportunity,” Sugden said. “There is both a programmatic vertical opportunity and underserved community opportunity.” He praised the company’s “incredible load volume and data set” as well as the “deep banking and payments expertise” of Prepaid Technologies’ management team.
PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.
Source: https://finovate.com/prepaid-technologies-raises-96-million-in-growth-financing/
