Wildcard Systems

About Wildcard Systems

Established in 1997 by co-founder Larence Park, WildCard Systems carved a niche in the financial technology sector by specializing in host-based prepaid cards and custom stored-value products. The company developed a secure, turnkey technology platform that facilitated a range of prepaid solutions, from gift and rebate cards to payroll and government benefit distribution. Operating from its headquarters in Sunrise, Florida, with additional facilities in Silicon Valley, Orlando, and Singapore, the firm catered primarily to banks, financial institutions, and commercial clients, enabling them to offer branded prepaid products to their end-users.

The core of WildCard's business was its software that created and managed financial information for stored-value accounts, analogous to the technology used in prepaid phone cards. This platform handled issuing processing, online real-time authorization, settlement functions, and even customer servicing for its clients. The business model focused on providing a comprehensive, low-cost deployment solution that allowed financial institutions to expand their offerings and generate new revenue streams. Key partnerships were a significant part of its strategy, including alliances with Discover Financial Services and Visa to leverage their extensive payment networks for the distribution of prepaid card products. These collaborations enabled the development of diverse applications, such as cards for teens, affiliate programs, and insurance payouts.

As a privately held, venture-capital-backed company, WildCard Systems secured significant investment from firms including BofA Securities and Sutter Hill Ventures, raising a total of $74.1 million. The company's trajectory culminated in its acquisition by eFunds Corporation in a deal announced in 2005 for a purchase price of $228.8 million plus a potential earn-out. This acquisition integrated WildCard’s prepaid technology with eFunds' extensive debit processing capabilities, aiming to create a single, streamlined payment hub for a broad client base across 80 countries.