US payment solutions provider, Tsys has completed its $1.4bn acquisition of NetSpend.
NetSpend is now a wholly owned Tsys subsidiary and the payment firm’s fourth operating unit focused on direct to consumer products and services.
NetSpend will continue to be led by chief executive officer Dan Henry and president Chuck Harris. The segment will report directly to Troy Woods, president and chief operating officer of Tsys.
Headquartered in Austin, Texas, NetSpend is a provider of general purpose reloadable (GPR) prepaid debit cards, pay cards and related financial services to the estimated 68m ‘under banked’ consumers in the US who do not have access to a bank account.
“This is transformational for everyone at Tsys and NetSpend,” said Philip W. Tomlinson, chairman and chief executive officer of Tsys. “The deal brings together two companies with a shared vision and purpose that focuses on meeting the needs of people. It also takes Tsys closer to the consumer than we have ever been before.”