TransCard Buys PayPartners, Forms Acquisition Division (Sept. 23, 2013)
Sept. 23, 2013
TransCard is continuing its acquisition spree with the announcement last week that it’s acquiring PayPartners Inc., a provider of payroll and other corporate prepaid cards. PayPartners’ platform and cloud-based back-office portal complement TransCard’s services, making it easy to on-board, issue and manage payroll card portfolios, according to the Tenn.-based prepaid processor and program manager. The deal with the payroll card provider marks TransCard’s third acquisition in less than a year.
“PayPartners has developed a unique model that [enables] financial institutions to benefit from offering payroll cards . . . without the added expense of creating their own infrastructure,” said Craig Fuller, CEO of TransCard. “We plan on integrating the cloud-based management portal into our core platform and offering PayPartners’ solution to our network of over 260 financial institutions.”
TransCard also has formed TransCard Ventures, a division focused on acquiring prepaid program managers, portfolios, teams and technology that can benefit from being part of a processor with a large bank issuer network, according to the company.
“We are searching for program managers who focus on very specific market segments and bring with them a combination of technology, focused distribution and management teams,” said TransCard President Greg Bloh.