Santa Monica’s Card.com, a maker of customized prepaid Mastercard debit cards, announced Wednesday it has raised $9 million from investors.
Card.com offers prepaid Mastercards which can be customized with a user's favorite brands and characters, including those from “Family Guy” and “Sesame Street.” The company offers an alternative to traditional banking since customers are only required to use a debit card and their mobile phones or the Internet to access their accounts.
The investment will enable the company to expand its customer base, according to Chief Executive Ben Katz. The investors are Seattle’s Columbia Pacific Advisors' Growth Capital strategy and Fenway Summer Ventures in Washington, D.C.
“Aligning with Columbia Pacific Advisors enables us to pursue aggressive growth in our customer base and expand key areas of our infrastructure,” Katz said in a statement. “Partnering with Fenway Summer Ventures, a leader in regulatory financial technology, further solidifies our commitment to continued leadership in transparent, compliant and fair financial solutions. We are building the equivalent of Netflix for banking, but our competitor isn't Blockbuster video – it’s branch banks like Citi or Chase.”
Card.com’s model was attractive to Jeff Schrock, managing director of Columbia Pacific Advisors' Growth Capital strategy.
“They’re a mobile first, tech savvy firm,” Schrock said. “We just felt like they’ve got a really efficient business model that will long term benefit customers in Los Angeles and all over the country.”
Card.com opened more than 50,000 new accounts last month. The company currently has more than $450 million in deposits, according to officials.
For reprint and licensing requests for this article, CLICK HERE.