Fifth Third Processing Acquires Prepaid Card Processor
CINCINNATI – Fifth Third Processing, fresh off last week’s acquisition of National Processing Company, on Tuesday said it has agreed to acquire selected assets of Springbok Services, including the company’s reloadable prepaid card processing platform.
Fifth Third Processing Solutions said the acquisition enables it to immediately expand its processing capabilities to include Visa and MasterCard branded gift cards, general purpose reloadable cards, payroll cards and loyalty programs to further complement its debit card and credit card authorization, settlement and back office processing services.
The assets were acquired out of Chapter 11 bankruptcy. Springbok pioneered and advanced the development of full-service, multi-touch prepaid solutions. In conjunction with the acquisition, key employees responsible for Springbok’s processing platform development have joined Fifth Third Processing Solutions.
The deal comes a week after Fifth Third Processing agreed to acquire NPC and three months after the company acquired the TNB Services credit card processing operations of credit union-owned Town North Bank, cementing the company’s position as a leading processor of credit union accounts.
Fifth Third Processing is a joint venture between private equity fund Advent International, which owns 51%, and Fifth Third Bancorp, which owns 49%.