- Prepaid Debit ISO Ready Financial Group Raises $7 Million
The company behind the READYdebit line of prepaid Visa cards, Ready Financial Group, Inc., today announced that it has raised a $7 million Series B funding round. The investment round was led by Rockbridge Growth Equity, a Detroit-based firm begun by Quicken Loans founder Dan Gilbert. Flybridge Capital Partners also participated, with partner Jeff Bussgang joining the Ready Financial board of directors.
- Prepaid Debit Cards and Internet Gambling
Like it or not, one of the popular uses for prepaid debit cards in the United States is to transfer funds to and from offshore Internet gambling sites. Those transfers may be coming to an end, as the date of enforcement of Federal Regulations prohibiting the transfer of funds to illegal Internet gaming sites went into force on June 1, 2010.
- Prepaid Research: Hispanic Tax Filers View of Prepaid
Hispanics are a large demographic in the U.S. According to the 2010 U.S. Census, Hispanics make up approximately 16.3% of the U.S. population, with over 50 Million Hispanics in the U.S. The Hispanic market is an important one for many prepaid debit card issuers, as studies have shown that nearly 20% of Hispanics are unbanked.
- Star Network Allows Prepaid Card Reloads at ATM and Point of Sale
enable load and reload functionality at participating ATM and POS locations. The expanded transaction set includes activation, load/reload and split tender purchases with PIN-security and the associated reduction in fraud built in. The new STAR RELOAD service icon denoting load/reload card capabilities will be displayed with the STAR brand on participating cards, merchant point-of-sale and ATM locations.
- American Express Buys Revolution Money
American Express (NYSE: AXP) today announced that they are acquiring Revolution Money, the financial services company founded by Steve Case in 2007. The acquisition is a move by American Express to expand its line of prepaid products. The deal is expected to close in the First Quarter of 2010.