FundTech Corp. (FNDS.OB / Frankfurt: FT4), a financial services company that provides prepaid debit cards to over 1 billion people worldwide who do not have a bank account, recently announced that the company has signed a letter of intent to acquire all the assets of a U.S.-based company. The potentially acquired company sells debit and credit card programs to merchants and employers with a current merchant base of more than 5,000 accounts that generate in excess of $300 million worth of credit card transactions annually.
In addition, FundTech Corp. will acquire a platform that will enable the company to provide complete ACH and e-check solutions both domestically and abroad. The completion of this acquisition will allow FundTech Corp. to generate revenue sooner than anticipated and launch the delivery of the company’s cards to more than 1.5 million South African customers.
FundTech Corp. is strategically positioned to capture the business of the more than 1 billion individuals that do not have a bank account. This industry is estimated at over $100 billion on an annual basis. Benefits of the FundTech Corp. card include the ability to use the card at millions of participating merchants worldwide, the ability to make withdrawals at nearly 1 million ATMs around the world, and the ability to globally transfer money instantly to another cardholder.
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