As FundsTech Corp. (OTCBB: FNDS) strives to fulfill its corporate mission of leading in the “creation, development and implementation of the industry’s most advanced financial transaction processing and information technology systems,” the company is making changes across the board – building a management team to assist the company in focusing on “virtually untapped” global markets.”We have an experienced management team with over 100 years’ experience; we are adding to that and bringing people in who have proven track records in the financial transaction arena,” David Fann, president of FundsTech, said in an interview with wallstreetreporter.com.
Monday, the company announced the appointment of Joe Tumbarello as the new COO; the previous week Victoria Vaksman was named executive vice president of Europe, Middle East and Africa operations; and Pierre Besuchet was welcomed to the company’s board of directors the previous week.
FundsTech’s recent deal with South African software vendor Symelation will allow the introduction of 45,000 cards in Africa’s market. According to a press release, Vaksman brings years of experience in software sales to financial institutions in South Africa to the table.
“We go into places where a high percentage of the workforce is unbanked,” Fann said in the interview. “We choose markets where demand is high with little competition.”
The company sells debit cards and debit card related processing software, as well as related consulting services in the U.S. and internationally. Its prepaid, reloadable debit cards are designed for individual and business applications – even payroll can be transferred directly to the card.
“We translate these advanced technologies into value for our customers through our professional solutions and services worldwide,” said Fann.
Fann said building recurring revenue streams and long term-contracts, paired with a management team will help the company reach its goals for the upcoming year.
“We’re going into markets with very high demand and little competition. Our emphasis is on building shareholder value. We all have the same goals here, which are to get to profitability and build a great company. We have assembled the proper management team, and will be announcing our new additions over the next few weeks, along with some banking relationships,” Fann said. “In other words, we are on track, things are good, we are very excited, and we are in a good position to really launch our company in 2007.”
