UniRush Makes a ‘rapid!’ Foray into Corporate Sector (Jan. 12, 2015)
Prepaid provider UniRush LLC has made a move into the payroll vertical, striking a deal to acquire the rapid! PayCard business from WEX Inc. The purchase gives UniRush control of one of the largest payroll card providers in the U.S., with more than 1,700 corporate relationships—a footprint UniRush will use to expand its brand and develop “a broad array of prepaid products,” the company said. UniRush is best known for its RushCard product, a pioneering Visa-branded GPR card that hit the market in 2003 with the backing of hip-hop mogul Russell Simmons. Last year, the company said it was exploring new revenue streams, including via acquisitions. Shortly after taking the helm in early 2014, UniRush CEO Rick Savard told Paybefore the company was considering entering the payroll arena.
Founded in 2003, Tampa, Fla.-based rapid! was acquired in 2011 by WEX (then Wright Express), a South Portland, Maine, fuel and fleet card specialist that has aggressively expanded into other payment verticals in recent years. Now in the UniRush fold, rapid! will continue to operate from Tampa, with co-founder Chris Ruppel joining UniRush as senior vice president and general manager of corporate payments. “Our plan is to aggressively scale the paycard business, leveraging the infrastructure and expertise at UniRush with one of the best paycard companies in the industry,” Ruppel said. Financial terms and closing details of the acquisition were not disclosed.
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