AUSTIN, Texas and ATLANTA, June 26 TX-NetSpend-SkyLight
AUSTIN, Texas and ATLANTA, June 26 /PRNewswire/ -- NetSpend Corporation,
the premier provider of prepaid reloadable debit cards in the United States,
and Skylight Financial, Inc., a leading debit card provider to both
corporations and consumers, today announced the signing of a definitive Merger
Agreement under which NetSpend Corporation ("NetSpend") and Skylight
Financial, Inc. ("Skylight") will combine business operations. The merger
forms one of the largest private companies dedicated to meeting the financial
services needs of unbanked and underbanked consumers in the United States.
Having issued more than 14 million prepaid debit and gift cards, NetSpend
has one of the most convenient and accessible retail networks in the country,
including more than 30,000 card purchase locations and a total of
approximately 65,000 debit card reload locations. NetSpend also offers full
self-service sales and delivery capabilities through its web and mobile
platforms.
Like NetSpend, Skylight is a top provider of account-based financial
services focused primarily on serving unbanked and underbanked consumers in
the United States. Through its flagship products, Skylight has established
itself in the prepaid debit card industry as the leading corporate payroll and
government benefits card provider. Skylight has strategic partnerships with
U.S. Bank and SunTrust, and has amassed over 1,000 corporate client
relationships for its payroll card and other prepaid debit products.
"The combination of NetSpend and Skylight greatly expands the breadth of
products and services we can offer to the millions of unbanked and underbanked
consumers in this country," said NetSpend Chief Executive Officer Daniel R.
Henry. "The unique capabilities of the merged companies will allow our
corporate customers to manage their gift card, payroll card, and general
purpose prepaid card programs in one cohesive product suite."
"We are thrilled to join forces with NetSpend," said Kevin Lee, Chief
Executive Officer of Skylight. "NetSpend's retail presence and extensive
servicing capabilities combined with Skylight's corporate payroll platform and
direct-to-consumer sales expertise will provide an unmatched depth of service
offerings for consumers and corporations alike."
NetSpend's headquarters will remain in Austin, Texas, and Skylight will
continue to operate out of its current location in Atlanta, Georgia. The
transaction, which was approved by the board of directors of NetSpend and
Skylight, is subject to certain customary conditions and is expected to close
in the 3rd quarter of this year. Following the projected close of the
transaction, Skylight will continue for an undetermined amount of time under
the same name, as a subsidiary of NetSpend Holdings, Inc., parent corporation
of NetSpend Corporation.
About NetSpend Corporation
NetSpend Corporation is one of the premier providers of innovative,
accessible prepaid debit cards that enable financial freedom for underbanked
consumers. Grounded by a mission of financial empowerment, NetSpend is
committed to meeting its customers' financial services needs on their terms
while offering the convenience, security and acceptance of conventional
financial services. NetSpend's proprietary processing platform allows it to
support prepaid card programs end-to-end from customer acquisition and card
fulfillment to customer service and risk management. The NetSpend(R) Prepaid
Card Network includes leading consumer brands and companies serving the
unbanked and underbanked markets, and its strategic relationships include card
issuers, EFT networks and payment card associations. For more information,
visit http://www.netspend.com.
About Skylight Financial
Skylight Financial, Inc., based in Atlanta, Georgia, is an
industry-leading issuer, acquirer, marketer and processor of debit accounts
and stored value cards. Skylight has established itself as a leading payroll
card provider through its flagship debit card product, the Skylight Debit Card
Account, an individually owned account that is funded via direct deposit for
payroll and government benefits disbursements and is portable between
employers. Skylight provides transaction authorization and settlement for its
products and supports multiple funding and disbursement mechanisms. Skylight
issues and markets its cards in partnership with two top ten financial
institutions, U.S. Bank and SunTrust. For more information, visit
http://www.skylightfinancial.com.
Media Contacts:
Meghan Butler
GCI Read-Poland for NetSpend Corporation and Skylight Financial
(512) 472-4122
SOURCE NetSpend Corporation
