Global Payout and CCS Prepay announce joint venture

Global Payout, Inc. and CCS Prepay UK Ltd. has announced the joint venture agreement to pool their US and international debit cards' product and resources, in order to strengthen the product base and more efficiently support client requirements.  

Prior to this, last month, during mid November both companies have signed a product sharing agreement on an EMV Visa international debit card with a partner bank in Europe.  By the end of this month companies expect to complete the joint venture with the effective terms and conditions.  

This joint venture will enable both companies to share their product details and specifications with the other party.  Moreover it also allows each company to deploy the other company's prepaid product to match and best fit the new client needs, as and when such situations arise.  As per both company's management, though the product offering by both companies vary across many factors but they are complimentary to each other.  They are expecting to share new revenue stream in competitive situations.  It will be a win-win situation case for both client and company.  

As market of the prepaid card has started to mature, this move has been looked as going out of coveted geographic areas and look for other venues for sale and client base.  The move will help both companies to leverage not only technology expertise but also become strategic partner for long.   

CARD.com raises $3 million in Series A round of funding

Card.com, Los Angles based prepaid debit card provider, has recently raised $3 million in Series A round of funding led by QED Investors.  This funding will be used to move further with company's move to make traditional banking obsolete and have fun in mobile banking.  It is a move towards providing more customization such as user uploaded art for debit card and other popular brand and cause-based theme.

Card.com is headed and co-founded by Ben Katz and is poised to provide mobile alternative to traditional banking.  Apart from this, company also provides customizable prepaid debit card that can be used across all VISA enabled merchant outlets and POS.  Moreover they can be used at more than 20,000+ ATM's across the country.  Company is providing money management alternative and is revolutionizing personal finance by creating such fun loving financial products.  Company also provides i-phone app and android app that can be used for free direct deposit and check deposit.

Card.com's latest funding was led by QED Investors apart from internal investors Resolute Ventures and Anthem Ventures.  Company has now raised a total of $4.7 million from investors.  

With increasing trend towards prepaid card and companies like American Express, Wal-mart launching their prepaid card, Card.com has a long list of big competitors to tackle from.  These prepaid card, unlike gift cards, have fully featured security features giving customers hassle free experience of shopping.  Card.com is also providing its cards as FDIC insured cards.  Cash can be loaded via paypal, western union and such.  This is a unique experience that company is trying to create.!!!  

Green Dot gets regulator nod to acquire Wal-Mart money card from GE

Green Dot corporation has got Federal Reserve Board's approval to acquire Wal-Mart branded prepaid debit card issued by GE Capital.  This initial announcement of the deal was done in June 2013, but Green Dot has been able to convince the regulators only 5 months later the same.

Green Dot Corporation is an issuer of prepaid master card and visa cards in United States.  Company was founded in 1999 and currently hosts its card through 60,000 retail stores.  Green Dot also transfers Social Security payment to personal bank accounts.  Company is head quartered in California and provides co branded card program with Wal-Mart, AT&T, Citi Bank and so.

Green Dot announced that it will be buying Wal-Mart money card portfolio from GE capital retail bank.  Post announcement of regulatory approval, shares of Green Dot rose by 7.1% in afternoon trading by $1.66 to reach $25.  This acquisition will double Green Dot's total deposits out of which $476 million are added through this deal.  

After this deal,  Green Dot is planning to expand its services for Wal-Mart line of cards like automated bill payment system.  Company will also be offering certain services to Prepaid Master card holders like reloading card at Wal-Mart's cash registers.  Apart from this company will also be adding few more prepaid cards in same category.