An investor group has acquired a material equity stake in StoreFinancial. The group consists of Dan Henry (NetSpend CEO), Mark O’Connell, Mariner Holdings, OpenAir Equity Partners, Larry Maddox, and Jim Jerome (former NetSpend EVP). Financial terms were not announced. Overland Park, Kansas-based StoreFinancial is a payments processor and program manager.
Overland Park, KS (PRWEB) May 13, 2014
A Kansas City-based private investor group is acquiring a material equity stake in StoreFinancial, reports Jeffrey Brown, CEO. The local group consists of Dan Henry (NetSpend CEO), Mark O’Connell, Mariner Holdings, OpenAir Equity Partners, Larry Maddox, and Jim Jerome (former NetSpend EVP). StoreFinancial is a technology/transaction processing firm headquartered in Overland Park, KS.
“We have assembled an impactful investor group with knowledge of the prepaid/payments space that will accelerate our growth opportunities,” says Brown. “This investment event is also allowing StoreFinancial to recruit two top executives from within our industry to lead our team: Eric Mettemeyer, who will become our new CEO and Matt Waldie, who will become our new President/COO. Both of these individuals have extensive experience in the prepaid/payments space as well as proven track records of generating significant growth in both public and private companies.” Jeffrey Brown will transition to Chairman of the Board.
“StoreFinancial has a strong foundation as a processor and program manager for private-label gift cards on the Visa and MasterCard networks,” says Eric Mettemeyer. “We are excited about expanding the technology capability set to service new verticals such as corporate disbursements and consumer products which will allow us to drive long-term sustainable growth.”
Commenting on the investment, Dan Henry said: “It is exciting to be backing a local, Kansas City-based company in the payments business with an investor group experienced in payments. StoreFinancial’s previous track record of accomplishments give the investor group a base from which they could back a proven management team. The new team will be able to take advantage of the agile and scalable technology that exists today and accelerate the company’s growth to new heights.”
About StoreFinancial: StoreFinancial is a leading payments processor and program manager, specializing in delivering custom payments and prepaid solutions throughout North America and Europe. Founded in 2003, StoreFinancial has built a portfolio of more than 650 programs and has become one of the world’s largest private-label program transaction processors and program managers. The company is headquartered in Overland Park, KS. Visit us at http://www.storefinancial.com.