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Swift Prepaid Solutions, Inc. acquired by Bain Capital Ventures and Silversmith PartnersBUFFALO GROVE, Ill., Dec. 5, 2017 /PRNewswire/ -- Swift Prepaid Solutions, Inc., a leading provider of prepaid solutions for global incentive and reward programs, today announced that it has been acquired by Bain Capital Ventures and Silversmith Capital Partners for an undisclosed amount. Founded in 1996 as a non-bank issuer of Visa and Mastercard prepaid cards, today Swift distributes millions of payments annually on behalf of the world's largest corporations to participants in over 160 countries and in nine currencies. As a technology-driven payments innovator in the space, Swift offers robust corporate partner platforms that distribute both physical and virtual cards through leading-edge digital solutions where payments can be distributed via email, text message or product packaging. Users can access their rewards in real time through mobile and web portals with multiple language options. "Swift is a market leader with strong growth prospects and an exceptional management team. The domestic and international prepaid incentive industry opportunity is large and Swift is well positioned to capitalize on it," said Matt Harris, Managing Director at Bain Capital Ventures. "Swift has built a differentiated prepaid reward and incentive offering, as evidenced by their rapid growth in digital solutions and payment volume with an impressive roster of Fortune 500 clients. We are excited to back the Swift team to accelerate their strong growth," said Todd MacLean, Managing Partner at Silversmith Capital Partners. According to Mercator Advisory Group, open-loop prepaid employee and partner incentives are forecasted to grow by 5 percent through 2020 with a total payment volume of $10.5 billion with additional poential for reloadable cards as recurring employee incentives, like sales commissions. Open-loop prepaid consumer incentives are also expected to grow by 5 percent through 2020 with a total payment volume of $15.5 billion. "Having strong investors, with a very successful track record and vast experience in the financial technology space, provides Swift with new advantages in the market to accelerate our growth even further. We are very excited about the opportunities to collaborate and take advantage of the enormous market opportunity," said Braven Imai, President and CEO of Swift. Swift's headquarters will remain in Buffalo Grove, Illinois. As part of the investment, Matt Harris and Todd MacLean will join the Swift board of directors. About Swift Prepaid Solutions About Bain Capital Ventures About Silversmith Capital Partners CONTACT INFO For media, please contact [email protected].
View original content:http://www.prnewswire.com/news-releases/swift-prepaid-solutions-inc-acquired-by-bain-capital-ventures-and-silversmith-partners-300566054.html SOURCE Swift Prepaid Solutions, Inc. |