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Austin, Texas, and Atlanta, Georgia, June 26, 2008 – 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.
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 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 netspend.com.
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 skylightfinancial.com.