SpendSmart Expands into Gov’t Segment, Eyes More Verticals (Oct. 1, 2013)
San Diego-based prepaid provider The SpendSmart Payments Co. has set its sights on expanding beyond the teen card market, and the company is kicking off that expansion with a government-focused business line. SpendSmart’s new program management platform will focus on prepaid cards for distribution by municipal, county and state governments. The company already has inked a deal with a program that is issuing 12,000 cards per month through government agencies.
The new platform is SpendSmart’s first new line of business since the company—formerly known as BillMyParents—rebranded earlier this year. And SpendSmart is looking to continue moving into new prepaid markets. “We expect this initiative will further enhance our revenue lines and our ability to support third-party prepaid card programs,” said Bill Hernandez, president, SpendSmart. “We also expect to enter into additional business verticals as we continue to execute on and build out our growth strategy.”
In 2012, BillMyParents won a Paybefore Award for Best Youth/Student/Campus Prepaid Program for its SpendSmart Prepaid MasterCard, a prepaid program designed to help teen cardholders develop responsible spending and budgeting habits.