Ready Financial Group, Inc., the company behind the ReadyDebit Prepaid Visa Cards (which have received excellent ratings from our reviewers), today provide more details about the 7 Million capital investment they raised in December 2009.
In a press release dated January 4, 2010, Ready Financial Group, Inc. provided the following additional details about the $7 Million of capital Ready Financial raised in 2009.
The round was lead by Rockbridge Growth Equity (a middle market private equity firm started by Quicken Loans Chairman and Founder Dan Gilbert). Boston-based Flybridge Capital Partners participated as a co-investor with Rockbridge.
As part of the investment, Rockbridge Growth Equity will be represented by two seats on Ready Financial’s Board of Directors. Jeff Bussgang of Flybridge Capital Partners also will join the Board.
Will Tumulty, founder and CEO of Ready Financial Group, Inc. discussed the investment, stating:
[Underbanked] customers pay a significant amount of money in fees for ‘free’ checking or for cashing checks, buying money orders and simply paying their bills. Rockbridge Growth Equity brings a substantial amount of value to the table, above and beyond providing capital. We are thrilled to work with Rockbridge to advance Ready Financial’s leadership position in this growing industry.
With the investment, Ready Financial Group, Inc. is uniquely poised to take advantage of the growing demand for prepaid debit products. We expect to hear many more announcements and product innovations from Ready Financial in 2010.