FSV Payment Systems, which provides open loop prepaid card processing and programme management services, has announced that Ballast Point Ventures and North Hill Ventures have invested a total of $6m in the company.
FSV Payment Systems provides payroll cards, general purpose reloadable, rebate, incentive, gift and healthcare card products to corporations, financial institutions and government agencies.
Jonathan Palmer, CEO of FSV Payment Systems, said: 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. This investment will help FSV accelerate our growth in the prepaid market, a market which has proven resilient during these tough economic times.
Paul Johan, partner of Ballast Point Ventures, said: The prepaid market has continued to grow in this difficult economic environment and we see that growth continuing. We are happy that we are able to invest in FSV, a company that is well-positioned to capitalise on the market growth with its reliable scalable technology and strong management team.
