Fifth Third Processing Solutions LLC has bought Springbok Services Inc.'s prepaid card processing business as part of Springbok's Chapter 11 bankruptcy proceedings.
The deal - the second acquisition Fifth Third Processing has announced in the last week - helps the Cincinnati financial company expand its processing capabilities to include Visa Inc.- and MasterCard Inc.-branded gift, open-loop prepaid and payroll cards, the company said in press release Tuesday.
"Our 3,000 financial institution clients will be able to process these transactions using the same connection they have with us today, which will give them speed-to-market advantages in under-penetrated markets such as the unbanked segment," Charles Drucker, Fifth Third Processing's president and chief executive, said in the release.
Springbok, of Englewood, Colo., filed for Chapter 11 in June. Fifth Third Processing did not disclose how much it paid for Springbok's assets.
Last week Fifth Third announced plans to acquire rival merchant processor National Processing Co. for an undisclosed amount.