More than a year after prepaid company Netspend Holdings Inc. said it had signed a deal with Bancorp Inc., the retail bank said it had begun dolling out the cards.
Bancorp of Wilimington, Del. said Tuesday it has been issuing Netspend's card programs for 7-Eleven, HEB Grocery Stores and PayPal for the past six months. The cards are being distributed through Bancorp's bank payment solutions group, according to a press release.
Netspend of Austin first signed the multi-year contract with Bancorp in an effort to move its business away from previous sponsor bank MetaBank.
"Our relationship with Bancorp has been essential for these new product launches," Dan Henry, NetSpend's chief executive, said in the release. "We look forward to an ongoing partnership with them."
Separately on Tuesday, Bancorp also said it had renewed its distribution agreement with InComm Inc., which distributes and markets prepaid cards.