FSV Payment Systems (FSV) today announced that Ballast Point Ventures and North Hill Ventures have invested a total of $6 million in the Company.
FSV, a privately-held company, is an industry leader in providing open loop prepaid card processing and program management services. The Company provides payroll cards, general purpose reloadable, rebate, incentive, gift and healthcare card solutions to corporations, financial institutions and government agencies.
"We are pleased that these two investment firms who know the financial services and transaction processing markets well, like what they see in FSV and its future so much that they invested in the Company," said Jonathan J. Palmer, FSV's CEO. "This investment will help FSV accelerate our growth in the prepaid market, a market which has proven resilient during these tough economic times."
"The prepaid market has continued to grow in this difficult economic environment, and we see that growth continuing," said Paul Johan, Partner, Ballast Point Ventures, "We're happy that we are able invest in FSV, a company that is well-positioned to capitalize on the market growth with its reliable scalable technology and strong management team."
Ben Malka, Partner, North Hill Ventures, added, "In FSV we see a strong company with an outstanding market position, and a company whose vertically integrated business model allows it to deliver high quality products and service to clients and cardholders."