PEX Card Secures $3.2 Million In Series B Funding Adds key executive and achieves significant milestones
NEW YORK, Oct. 23, 2012 /PRNewswire/ -- Prepaid Expense Card Solutions, Inc. today announced that it has secured $3.2 million in Series B funding led by existing investor iNovia Capital and new investor Bluff Point Associates. Additional investors include Augury Capital and private investors. In combination with previous funding, the company has now raised nearly $5 million.
The company plans to accelerate new customer sales growth of the PEX Visa® Prepaid Card, issued by the Bancorp Bank; Member FDIC. PEX Card is the industry leading expense card solution that small and mid-sized businesses use to enable and control employee expenditure of company funds. The company plans to continue iterative development of new features and mobile tools that enhance usability and create cost and time efficiencies for its business customers.
Since 2009, the PEX Card Service:
- Has processed over one million transactions,
- Currently services business customers in all 50 states,
- Developed private label solutions for nationally branded companies and organizations, and
- Achieved 65% increase in transaction volume to date in 2012.
PEX Card recently named Michael Noles as its Chief Marketing Officer. Noles brings 30+ years of diverse financial services experience, primarily focused on serving the large but complex small and mid-size business markets. He started and led Advanta's business credit card division; later, he directed profitable growth of the JPMorgan Chase small business card unit. Noles has held senior positions at Citibank and FleetCor.
"Businesses have been looking for a card-based employee expense management solution that until now has been available only to the largest companies," said Noles. "PEX Card provides an affordable answer for the SMB market and makes it incredibly easy to get started."
"We welcome Bluff Point Associates and Augury Capital as new investors and are thrilled that iNovia Capital continues to believe in PEX Card's growth potential as much as we do," said Toffer Grant, Founder and CEO of PEX Card.
"One of the facts that jumped out at us was how much customers love PEX Card. They told us banks were missing a product that met their cash distribution management needs the way PEX Card did," said Geoff Judge, Partner at iNovia Capital.
"PEX Card's expense management service is addressing payment needs of small and mid-sized businesses with a robust feature set," said Thomas E. McInerney, CEO of Bluff Point Associates, "We are excited to contribute to this round and be part of the company's future."
"The team at PEX Card has created a viable spend management solution for small and medium-sized businesses that is unique in the industry," said David W. Truetzel, Managing Partner of Augury Capital, "We feel our operating experience in banking can be helpful as they execute their plans."
For more information on PEX Card visit www.PEXCard.com.
About PEX Card
PEX Card is the industry's first turnkey commercial prepaid card program launched specifically to help businesses streamline employee expense management. The PEX Card Admin portal includes innovative control features for managing pre-funded deposits that are directed to Visa prepaid cards employees use for day-to-day spending. Businesses that integrate the PEX Card Service into their operations experience greater cash flow visibility by making funds disbursements and limiting spending more efficiently than with traditional card services, cash advance or expense reimbursement policies. The company is committed to introducing innovative services that better facilitate card-based purchasing commonly made by mobile work forces. PEX Card is partnered with key industry leaders, including The Bancorp Bank, TxVia, and Visa U.S.A. Inc. PEX Card is privately held and is headquartered in New York City. For more information, please contact firstname.lastname@example.org.
About iNovia Capital
iNovia partners with exceptional entrepreneurs to build successful companies in high-growth sectors. The team is comprised of entrepreneurs and sector experts focused on Mobile, Internet and Digital Media. iNovia has $275M under management across three seed and early-stage funds. For more information, visit www.iNovia.vc or follow iNovia on Twitter at www.twitter.com/iNovia.
About Bluff Point Associates
Bluff Point Associates is a private equity firm based in Westport, Connecticut. Bluff Point actively invests in information services companies supporting the banking, trust, securities, retirement and wealth management sectors of the financial services industry, as well as the healthcare information services sector. Bluff Point's team collectively has decades of experience in recognizing a company's growth potential and working with its management to reach that potential. For more information, visit www.Bluffpt.com.
About Augury Capital
Augury Capital Partners is an emerging technologies private equity fund with investments in mid-stage or later companies with an emphasis in the life sciences and financial services information technologies sectors. Augury's team is comprised of former senior executives of companies in their industry verticals with significant operating experience and success. For more information, visit www.augurycapital.com.
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SOURCE PEX Card