Monday, June 30, 2008

NetSpend and Skylight Merge

In recent news, NetSpend and Skylight Financial, Inc will merge to create one of the largest companies dedicated to providing financial services to the under banked. NetSpeed Corp has issued more than 14 million prepaid cards. Skylight Financial works with corporate payroll and is also a government benefits card provider.

CEO of NetSpend Daniel R. Henry had this to say about the merger:

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. 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.

Kevin Lee, CEO of Skylight Financial said:

We are thrilled to join forces with NetSpend. 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.

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