BIRMINGHAM, Ala., April 16, 2020 /PRNewswire/ -- University
Fancards LLC, the country's only provider of college and
university-branded prepaid Gift and Reloadable cards, announced
today the initial closing of its first round of Series A
institutional financing, raising in excess of $4.0 million. Lead investors include Zach
McElroy, the founder of Zaxby's, and MetaBank (CASH-Nasdaq).
The most recent capital raise by Fancards is part of a
$5.5 million raise expected to be
completed in 2020. As part of the transaction, previous investors
holding convertible notes received Series A equity, eliminating
over $4.4 million of company
debt.
With this capital, Fancards will further grow its
university-branded Mastercard Gift and General Purpose
Reloadable ("GPR") card programs through its online site
and in major retail locations. Fancards continues to roll
out its direct-to-consumer distribution of prepaid GPR cards
through Usio that allows fans across the country to share their
school loyalty and passion while using their personalized card
everywhere Debit Mastercard is accepted. Fancards Prepaid
Reloadable cards include over 40 unique card designs available in
Apple Wallet for fans to utilize contactless payments.
University Fancards co-founder and CEO Lynn Boggs, a
payments technology industry veteran, stated "We are excited to see
the continued support of our vision for collegiately-licensed
prepaid cards. We are grateful to have completed this funding
during such a trying and unusual time for our country and the
world."
Mr. Boggs continued, "During the 2nd quarter of 2020, we will
continue to see rapid expansion of our Prepaid Reloadable card as
we have partnered with Netspend, a division of Global Payments to
distribute our cards nationwide through their network of retailers
in the United States. Beginning in
May, you will find our Prepaid Reloadable cards in thousands
of retail locations including Dollar General, Kwik Trip, Cumberland Farms, and The Exchange,
among others."
As for its university-branded Mastercard Gift cards, this year
Fancards will continue to expand its retail presence in
approximately 15,000 locations nationwide, including some of the
most recognizable big box and grocery retailers in the country.
Robert Walker, Chairman of the
Board noted, "We are thrilled to have Zach
McElroy, founder of Zaxby's, join our Board, given his
tremendous entrepreneurial success and long history of sports
promotional activity. We also are excited to be recognized by
MetaBank, one of the leading financial institutions in FinTech and
prepaid."
Mr. Boggs continued, "This financing, together with recent
partnerships with major retailers, will allow us to significantly
increase our market presence across the country. In addition,
we are focused on rapidly expanding our digital media campaign to
bring awareness of our reloadable cards to the passionate fanbases
of our Fancard teams, with reloadable cards available for
direct ordering and delivery from myFancard.com"
The Fancard Prepaid Mastercard is issued by Sunrise Banks N.A.,
Member FDIC pursuant to a license from Mastercard International
Incorporated. Mastercard is a registered trademark, and the
circles design is a trademark of Mastercard International
Incorporated. This card may be used everywhere Debit
Mastercard is accepted.
About Fancards
As the nation's leading provider of collegiately-licensed
prepaid products, Fancards creates new ways for fans to pay with
team pride through a fintech-focused approach designed to reach
every fan of over 25 partner universities. Fancards collegiate
partnerships include premier brands such as the Alabama Crimson
Tide, Florida Gators, Michigan Wolverines, Texas Longhorns, and more.For more information,
please visit www.myFancard.com, follow us on Facebook, Twitter,
Instagram, LinkedIn, or contact Fancards at
media@myfancard.com.
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SOURCE University Fancards