Company Overview of NetSpend Corporation
NetSpend Corporation provides reloadable prepaid debit cards and prepaid debit card services to low-to moderate-income consumers in the United States. It offers general purpose reloadable cards, gift cards, TravelMoney cards, and payroll cards. The company’s debit cards enable people to make purchases, pay bills, secure reservations, and shop online without the need for a bank account or credit history. It manages various aspects of the debit card lifecycle ranging from managing the card design and approval processes with partners and associations to production, packaging, distribution, and personalization. The company also oversees inventory and security controls, renewals, and lost and sto...
701 Brazos Street
Austin, TX 78701
Founded in 1999
Key Executives for NetSpend Corporation
Chief Financial Officer and Chief Financial Officer of Netspend Holdings
Executive Vice President of Direct Channel
Compensation as of Fiscal Year 2012.
NetSpend Corporation Key Developments
NetSpend Corporation Presents at 25th Annual Card Forum and Expo, Apr-08-2013 11:00 AM
Apr 3 13
NetSpend Corporation Presents at 25th Annual Card Forum and Expo, Apr-08-2013 11:00 AM. Venue: Boca Raton Resort & Club, Boca Raton, Florida, United States. Speakers: Michael Gray, VP, Operations.
NetSpend Corporation Plans to Appeal Jury Verdict in Alexsam Case
May 2 12
A jury found that NetSpend Corp. breached a license agreement with Alexsam Inc., awarding the latter $18 million in royalties. That amount does not include prejudgment interest or attorneys' fees, which NetSpend Holdings estimates could approximate an aggregate of $6.0 million. In October 2007, Alexsam sued NetSpend Corp. in a Texas court, asserting breach of a 2004 license agreement. The companies entered the license agreement following a patent infringement dispute in 2003. NetSpend Holdings asserted counterclaims against Alexsam for breach of contract. In October 2010, Alexsam filed an amended petition, adding a claim that NetSpend fraudulently induced Alexsam to give up its prior patent infringement claims against NetSpend and enter into the license agreement. NetSpend Holdings was unsuccessful in its attempt to get partial summary judgment on Alexsam's fraudulent inducement claim. On April 26, the court granted Alexsam's motion for a directed verdict on the question of whether the contract terminated by its own terms in March 2005. Such a termination would have resulted in royalties ceasing to accrue after the termination date. The trial concluded April 27.
The Bancorp Bank Announces Prepaid Card Program Distribution Relationship with NetSpend Corporation
Mar 13 12
The Bancorp Bank announced that it has begun issuing prepaid cards with NetSpend Corporation. The two companies are announced card programs for 7-Eleven, HEB Grocery Stores and PayPal. These three programs have launched in the past six months and have been very well received in the market. For Bancorp, the agreement with the company offers yet another avenue for consumers to gain exceptional access to cards issued by Bancorp. The NetSpend Visa Prepaid Debit Card and NetSpend H-E-B Visa Prepaid Debit Card are issued by The Bancorp Bank pursuant to a license from Visa U.S.A. Inc. The PayPal Prepaid MasterCard card is issued by The Bancorp Bank pursuant to license from MasterCard International Incorporated. The Bancorp Bank; Member FDIC. MasterCard is a registered trademark of MasterCard International Incorporated.
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