Prepaid Expense Card Solutions Inc. has received a funding boost that will help the company promote a business-expense prepaid card for small and mid-sized businesses and continue to develop future mobile payment options.
The New York-based expense card provider announced last week 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.
Including previous funding, Prepaid Card Solutions has now raised nearly $5 million, the company stated in a press release.
The company plans to accelerate sales of the PEX Visa Prepaid Card, which helps businesses control employee expenditure of company funds through prepaid options. Bancorp Bank issues the prepaid card.
Since 2009, the PEX Card Service has processed more than one million transactions, while serving business customers in all 50 states, the company stated.
In addition, PEX Card recently named Michael Noles as its chief marketing officer. Noles started and led Advanta’s business credit card division and later 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,” Noles stated in the release.