Mosaik Partners has led a $1.8 million Series A funding in TFG Card Solutions, which provides paperless payroll card services. TFG will work to double its sales volume and grow market share.
TFG Card Solutions (http://www.tfgcard.com), a pioneer in paperless payroll card solutions, has secured a $1.8 million investment which was led by Mosaik Partners (http://www.mosaikpartners.com), a leading venture capital firm focused on commerce-enabling technology companies. With the close of this Series “A” round of fundraising, TFG will aim to more than double its sales volume and grow market share.
“Payroll cards have proven to be the lifeblood for millions of people and families that are underbanked in this country,” said Miles Kilburn of Mosaik Partners. “We could not be more pleased to partner with TFG to accelerate the growth of its market leading payroll card products and services,” Kilburn added.
TFG’s payroll debit card solution can be integrated with any existing direct deposit system, bringing its time and cost savings to payroll managers, while allowing them to use existing infrastructure. By providing a superior alternative to paper checks, TFG’s payroll card program not only delivers value to the organization, but also provides a financial management tool to the unbanked and underbanked who, despite comprising nearly 30% of the U.S. population, have been largely ignored by traditional banking institutions.
“Mosaik Partners’ deep knowledge and experience in the payments space made them an ideal investment partner during this rapid growth phase in our business,” said Rick Holt, TFG’s CEO. “This capital will allow us to meet growing demand for our services with increased sales capacity, and tap additional market segments with operational and marketing programs that create savings and convenience for both the payroll provider and cardholder. We’re excited to build upon our core mission of delivering value to the client by providing the best possible benefit to the unbanked or underbanked cardholder.”
About Mosaik Partners
Mosaik Partners, located in San Francisco, CA, provides entrepreneurs the capital, resources and guidance necessary to execute on innovative commerce enabling products at the critical expansion stage – driving growth, profitability and scale for their businesses.
With over four decades of combined industry experience investing in, operating and advising early- to late-stage commerce enabling technology companies, our partners offer entrepreneurs deep domain expertise and unique access to potential customers and strategic partners. We focus on pioneering companies that are executing evolving commerce business strategies in a dynamic regulatory and technology environment. To reach Mosaik Partners go to http://www.mosaikpartners.com or call 415.717.3354.
About TFG Card Solutions
TFG offers payroll debit card solutions that help businesses of all sizes increase direct deposit participation, maximizing their current direct deposit system and empowering unbanked employees. Payroll debit cards save both the business and its employees money every pay period. TFG, based in Portland, Oregon, reaches more than 3000 employers through its current client base and services 50,000 cardholders. For more information, visit http://www.tfgcard.com.