PEX Card secures $3.2 million in Series B funding
23 October 2012 | 1614 views | 0
Source: PEX Card
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 distributio 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."