PrePaid Ventures Buys KEEPS America (Jan. 13, 2016)
PrePaid Ventures, the company behind the Visa-branded NexisCard prepaid program, has bought KEEPS America, which provides prepaid cards for lawsuit, workers’ compensation and Social Security settlement awards. PrePaid Ventures did not disclose terms of the deal, which closed earlier this month.
KEEPS American offers a MasterCard-branded product that “offers plaintiffs’ attorneys a way to improve their bottom lines by decreasing costs and increasing revenue, while achieving a positive result for their clients,” according to a description of its 2013 Paybefore Award for best application of prepaid in a new market segment or industry. The company designed the card to replace paper checks, a move that can help customers reduce costs and streamline their settlement operations.
The acquired company maintains more than 100,000 accounts, says PrePaid Ventures CEO Andrew Siden, who also leads KEEPS America, which for now retains its name. KEEPS America operates in a market that produces up to $4 billion a year in prepaid payments, he says. Not only will this deal give PrePaid Ventures a significant foothold in the space, but it will enable the parent company to further expand its product management side of the business, he says. Over the past few years, PrePaid Ventures developed infrastructure, including a call center, in anticipation of such growth, Siden adds