Keven Lake, the new chief executive officer of Futura Card Services, is negotiating a marketing agreement with an independent sales organization that he said could double the company's access to third-party sales channels.
"The ISO channel is the bread and butter of our company," Mr. Lake said in an interview Wednesday. "We hope to better penetrate the market through these partnerships."
Stored Value Cards Inc., Futura's parent company, announced Tuesday that Mr. Lake had succeeded Vicente Mota as CEO. Pat Harriman, a spokeswoman, said Mr. Mota left the Carlsbad, Calif., company because "the board decision was to move in a different direction."
Mr. Lake said the prepaid card market is growing rapidly and that he expects his company's pending marketing agreements will help it expand along with the market. "One of our strengths in comparison to most competitors is that we are more efficient," Mr. Lake said. "I think we can get into more verticals with stiff price competition to distribute our products."
Mr. Lake said Futura is also expanding its product line. It is developing a new payroll card and recently redesigned a card that monitors users' payment habits and enables underbanked users to generate a credit history.