FundsTech and Yes!Money in European pre-paid card partnership
23 October 2007 | 1698 views | 0
Source: FundsTech Corp
FundsTech Corp, (OTC Bulletin Board: FNDS), (Frankfurt 'FT4', A0MWLG), a financial services company, announced today that it signed an exclusive agreement with Yes!Money (a subsidiary of Trans Ferry Group), a European privately held corporation to jointly distribute prepaid card programs throughout Europe.
Yes!Money is currently issuing prepaid cards in Europe and has developed a substantial base of cardholders. The agreement defines the way FundsTech and Yes!Money will cooperate on the European market and includes a sizable investment by Trans Ferry Group into FundsTech as well as one seat on the board of FundsTech.
Victoria Vaksman, EVP of FundsTech Corp for Europe, Middle East and Africa, stated, "Yes!Money and FundsTech believe that it is beneficial for both companies to join forces in their business development and implementation efforts in Europe. This partnership will allow us to speed up our penetration into highly advanced European market and provide better service to our customers in different European countries. We are excited to work together with the Yes!Money team and we highly respect their knowledge and multicultural experience in delivering Prepaid Card programs in Europe."
Michael Dodak, CEO of FundsTech Corp further states that, "Our relationship with Yes!Money again validates our approach to markets outside of North America. By teaming with Strategic Partners we have quicker access to these markets, both from a sales and operational standpoint as well as the ability to attract financial institutions to provide VISA or MasterCard sponsorship. I am proud to announce that we now have added additional operations in North America, Africa and Europe."
Michele Di Mauro, Managing Director of Yes!Money stated, "The partnership with FundsTech is a key step towards the expansion in the European market of prepaid cards. With the ancillary presence in Europe and the market segment leadership that Yes!Money has already established, combined with a state of the art technology provided by FundsTech, this gives us the ability to grow into an industry leader. Thanks to such unique synergies, Yes!Money and FundsTech will promote several cards programs in different European countries, with particular focus on reducing customer costs and providing innovative services."