Brightwell Acquires Directo
ATLANTA, GA (July 9, 2012) — Brightwell Payments, Inc., a payments company offering comprehensive prepaid card solutions for corporations and consumers, announces the acquisition of Directo, Inc., a provider of paycard programs. The acquisition increases Brightwell’s penetration of the high growth paycard market while driving the efficiencies of increased scale.
“There are clear business synergies that will be achieved through the acquisition of Directo. Directo’s product line can be easily integrated, and it will provide a stable, recurring customer base, new distribution channels and niche market opportunities. We will be able to drive scale by leveraging our existing infrastructure and adding our feature-rich functionality to the Directo product suite. We expect the integration to be quick and efficient, and the benefits of this acquisition will be seen almost immediately,” said Kenneth M. Goins, Chief Executive Officer of Brightwell Payments.
Brightwell provides program design, marketing, technology, distribution and fulfillment services for a comprehensive array of prepaid products, including general purpose reloadable, loyalty, award and promotional, and domestic and international payroll cards. Brightwell’s awardwinning OceanPay® product has become the industry standard for maritime payroll.
Directo initially introduced its low cost “checkless checking” accounts by providing a paycard accessed account to the unbanked Hispanic marketplace. Directo later broadened its focus to a wide range of customers and distribution partners in the emerging U.S. paycard market. Today, Directo’s clients primarily consist of financial institutions, professional employment organizations, staffing firms, agricultural businesses, and payroll providers.
“Our organizations are a great fit and the combination of the two businesses will drive scale through an enhanced focus on paycard business opportunities,” said Jim McCarthy, Chief Executive Officer of Directo. “Joining Brightwell provides the benefits of expanded resources, product features and capabilities that will yield increased growth and value creation,” McCarthy added.
“Brightwell Payments’ strategy is to continue to combine organic growth with growth from acquisitions that provide complementary products and services, such as paycard programs with loyal client bases in specialized niche markets,” added Goins.
About Brightwell
Brightwell is an Atlanta-based payments technology company that provides financial products to send money securely anywhere in the world. Companies of all sizes use their software and APIs to increase revenue, mitigate risk, and reduce costs. Brightwell offers a remittance platform that is easy to integrate with using SDKs or APIs as well as an A.I. risk detection engine to help stay ahead of fraud attacks. Brightwell's mobile-first platform to pay global workers is another suite of financial tools that help to simplify personal finances for communities that are traditionally underserved in the marketplace. Driven by a passion for financial inclusion and empowerment, Brightwell is living out its mission to create products that help people across the globe feel more connected to and in control of their money. For more information, visit www.brightwell.com.
About Directo, Inc.
Directo, Inc., founded in 1998 and, based in Atlanta, Georgia, provides domestic paycard programs to corporate clients consisting of financial institutions, professional employment organizations, staffing firms, agricultural businesses and payroll providers.
Press Inquiries:
Nardos Yosef | Alloy on behalf of Brightwell
