Princeton-based Edison Partners said Monday that it led a deal with StepStone Group, where Prepaid Technologies, a Birmingham, Alabama-based provider of prepaid digital payment solutions, raised $96 million in growth funding. Stifel Venture Bank, a division of Stifel Bank, and Top Tier Capital Partners, also participated. In conjunction with the funding, Chris Sugden, managing partner, Edison Partners, will join Prepaid Technologies’ board of directors.
The company will use the proceeds to accelerate its market expansion and continue to advance its category-leading technology payments platform and customer-focused prepaid solutions.
Led by Stephen Faust, CEO, Prepaid Technologies is a fintech solution and payments program manager, providing innovative digital payment solutions including payroll, expense, gift, reward and incentive card products to employers, financial institutions and government agencies.
The company has 1,700 customers including Lowe’s, Taco Bell, Nissan and Sony, and 450 active partners including banks, payroll processors, payment providers, such as FIS, fintech companies including digital banking platforms, enterprise technology companies, marketing, health and wellness payments processors, and merchant services providers.
Prepaid Technologies recently launched the MyDashCard app and dashPerks, a cardholder cashback rewards program.