July 25, 2014 4:48 PM ET

Consumer Finance

Company Overview of Serve Virtual Enterprises, Inc.

Company Overview

Serve Virtual Enterprises, Inc. provides a reloadable prepaid card for the residents of the United States. Its card allows users to pay bills, buy groceries, shop online, withdraw cash at ATMs, send and receive money between family and friends in various locations worldwide. Serve Virtual Enterprises, Inc. was formerly known as Revolution Money Inc. and changed its name to Serve Virtual Enterprises, Inc. in August 2010. The company was founded in 2005 and is based in Saint Petersburg, Florida. Serve Virtual Enterprises, Inc. operates as a subsidiary of American Express Travel Related Services Company, Inc.

200 Central Avenue

11th Floor

Saint Petersburg, FL 33701

United States

Founded in 2005

Phone:

727-374-2105

Fax:

727-230-9029

Key Executives for Serve Virtual Enterprises, Inc.

Co-Founder and Chief Technology Officer
Chief Financial Officer
Age: 51
Chief Operating Officer
Senior Vice President of Bank Relations
Executive Vice President and General Manager of Revolution Card Network
Compensation as of Fiscal Year 2014.

Serve Virtual Enterprises, Inc. Key Developments

American Express Serve Introduces New Money Management Capabilities and Free Cash Load Network

American Express Serve announced a free nationwide cash load network and the addition of new money management capabilities to its full-service reloadable prepaid account. The new features include: Direct Deposit, Bill Pay, Mobile Check Capture, Personal Financial Management Tools, and Reserve, which allows customers to put money aside for future expenses. These enhancements are designed to meet the needs of the nearly 70 million Americans underserved by traditional financial services. According to Javelin Strategy & Research, 41% of underbanked consumers report they pay a fee of $3.00 to $3.99 to reload their prepaid cards. American Express Serve has introduced several cost-free options to add money to an account: Free Cash Load Network: Starting this November, American Express Serve customers will be able to take cash to the register at more than 14,000 participating CVS/pharmacy and 7-Eleven stores and add it to their American Express Serve Account. This is made possible through a relationship with InComm and its Vanilla Reload Network. Direct Deposit: Serve customers can add their paycheck or government disbursements directly into their Account through Serve.com. Mobile Check Capture: Later this year, customers will be able to use their smartphone camera to snap a photo of a check and add it directly into their Account using the Serve mobile app. Considering that prepaid card customers who report reloading their cards say they do so an average of two times per month, with 10% reloading 5 times or more per month, adding money to Serve using these options could amount to a potential savings of between $72 to nearly $240 a year for certain customers. With the rollout of a range of features that offer an alternative to traditional banking, American Express Serve will charge a monthly fee of $1 beginning December 3, 2013. This fee is one of the lowest among leading prepaid cards that charge a monthly fee. Based on an Aite Group study that evaluated the amount that people pay in fees among the leading prepaid cards, the average monthly fee was $4.57 per month, compared to the $1 monthly fee for using American Express Serve. The $1 monthly fee is waived if customers use Direct Deposit to load their account or add $500 or more to their account during a monthly statement period. Additionally, American Express Serve customers have free access to Serve's Bill Pay feature to pay bills online and can withdraw cash for free at MoneyPass(R) ATMs in the U.S. LearnVest Partnership: LearnVest, a company aimed at making educational financial content accessible to everyone, will provide information designed to help customers set and achieve financial goals and save money. This free educational financial information will be integrated throughout the Serve.com experience. Reserve: Customers can easily move funds with one time or recurring payments from their Serve Account to a linked Reserve to put money away -- and keep it away -- for future purchases like a vacation, holiday gifts, or for emergency funds. Bill Pay: With electronic bill pay customers can pay any bill online using Serve.com and the Serve mobile app. Free Withdrawals at MoneyPass(R) ATMs in the U.S.: American Express Serve customers can now withdraw money for free at more than 22,000 MoneyPass(R) ATMs nationwide.

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