UniRush Strikes Deal with MetaBank, while Considering New Revenue Streams (Aug. 28, 2014)
Meta Payment Systems, a division of MetaBank, has entered into a multi-year agreement with UniRush LLC, to issue the RushCard Visa-branded GPR card. UniRush CEO Rick Savard tells Paybefore that UniRush chose Meta Payment Systems because of its history in the payments business and the breadth of its clients. The deal is the first agreement of its kind by MetaBank since being released earlier this month from an OCC consent order.
According to Savard, the Meta deal also positions UniRush to broaden its horizons beyond its current GPR business. “Our plans include diversifying our revenue streams either by organically launching new businesses or acquiring new businesses,” Savard says, without providing details. “The need for us to diversify across a number of prepaid applications is a top strategic priority of the company.”
Savard says its RushCard business continues to grow. “The best indicator of your business is your growth in gross debit volume (GDV), the money flowing through your cards, and our growth in GDV is exceeding 20 percent year over year.”