AUSTIN, TX — (Marketwire) — 03/20/12 — Achieve Financial Services, LLC (AchieveCard), a leading marketer of general-purpose reloadable (GPR) prepaid debit cards and related financial services, today announced the closing of $12.5 million debt and Series B equity financing. Escalate Capital Partners (“Escalate Capital”) led the financing with participation from AchieveCard-s existing institutional investors.
, AchieveCard-s Chairman stated, “We are very pleased with the partnership we have forged with Escalate Capital as well as the continued commitment from our existing equity investors. Escalate Capital-s expertise funding high-growth companies like ours will be invaluable as we continue to execute on our strategy of providing the most targeted and innovative banking alternative products to the 45 million underbanked consumers in the United States.”
“We are excited about our investment into the prepaid debit card market,” , Managing Director of Escalate Capital added, “Our decision is reflective of AchieveCard-s domain expertise in direct to consumer marketing coupled with its proprietary technology, but equally important, the positive impact its product has on the financial well-being of the underbanked consumer.”
, AchieveCard-s President, also stated, “We are thrilled to use this new round of financing specifically to fuel our customer growth efforts and to continue providing terrific service to our highly valued customers. We have the expertise, technology and capital necessary to become a major player in this exciting and high growth industry.”
Escalate Capital, headquartered in Austin, Texas, is an institutionally backed mezzanine fund that invests in high growth companies. The Escalate Capital investment team has a combined 80+ years of experience and has invested more than $2 billion in over 500 companies. For more details, visit
Founded in June 2009, AchiveCard is a leading marketer of general-purpose reloadable (GPR) and related financial services to the estimated 45 million underbanked consumers in the United States that do not have a traditional bank account or who rely on alternative financial services. AchieveCard is headquartered in Austin, Texas. For more details, visit .
AchieveCard Contact:
Chief Financial Officer
512-614-5553