The Ponte Vedra Beach, Fla., prepaid card company FNDS3000 Corp. has acquired a rival as part of its ongoing expansion effort.
The company announced the agreement Tuesday, but would not name the marketer of credit and debit card programs, or give a price.
FNDS3000, which changed its name in March from Fundstech Corp., said that the acquired company processes about $150 million in prepaid card transactions per year, generating revenue of $1 million, and that the acquisition gives it a processing system it can offer to clients in the United States and abroad. The company said that the purchase is expected to generate revenue starting this month.
FNDS3000 announced last month that it had linked its systems to those operated by Bankserv, a South African payment processor, a move that enables FNDS300 to offer its cards in that country.