- NetSpend Corporation
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NetSpend Corporation's Logo along with Slogan
NetSpend Corporation (NASDAQ: NTSP), is an Austin, Texas-based company that provides processing and marketing services for private and proprietary MasterCard and Visa prepaid debit cards. Oak Investment Partners, is a major shareholder.
Contents
History
NetSpend was founded by Roy and Bertrand Sosa, two brothers who were teenagers when their family moved from Mexico to the United States in 1986. Twelve years later in 1998, they launched NetSpend from their one-bedroom apartment with an initial investment of $750. The Sosa brothers believed there was a large market that was left un-served by traditional banking and financial institutions. NetSpend’s stated goal is to provide consumers who lack established credit or banking relationships with the security, flexibility and convenience typically associated with debit and credit cards.
Products
The NetSpend product line includes debit cards, cards can be reloaded with funds continuously, gift cards purchased in predenominated values that cannot be reloaded and travel cards that can be reloaded a limited number of times and provide travel protection benefits tied to the cardholder's purchases.
NetSpend, in conjunction with Financial Service Centers of America is the first prepaid card processor to offer a savings account feature with their cards. According to the Austin Business Journal the interest rate on the savings account was increased from .75% to 3% in October 2006.
Recognition
- 2003 “Entrepreneurial Spirit Award” by Minorities in Business Magazine
- 2003 National Association of Small Business Investment Companies (NASBIC) “Portfolio Company of the Year”
- 2004 Entrepreneurs of the Year Award from Ernst & Young
- 2006 Winner, Innovation: The Architect of Ideas Award, Austin Chamber of Commerce
See Also
Payoneer
References
External links
Categories:- Companies listed on NASDAQ
- Payment systems
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