Prepaid processing firm founded by ex-Tsys trio
Former Tsys Prepaid CEO Anil Aggarwal and Carl Ansley, ex-CTO at Tsys Prepaid, have formed a new prepaid debit card processing company called TXCore, together with ex-CFO and co-founder of Tsys Prepaid Raymond Iglesias.
The company will provide services to retailers.
Aggarwal is also former CEO of Prepaid Media, which operates the PayBefore.Com website for the prepaid and stored value cards industry. He says that TXCore has no affiliation with PayBefore.Com.
New York-based TXCore says it will host its retail clients’ prepaid processing or enable them to process in-house, supplying tools that they can use to create their own payment processing software.
CTO Ansley said in a statement: “There is always going to be a need for third party processors, but we are trying to meet the needs that aren’t being met today.”
TXCore says it will offer clients better control of processing and more flexibility in the rapidly expanding prepaid industry. It says the industry still depends too much on technology that offers one size fits all processing solutions.
An announcement on the Paybefore.Com website said that Ray Iglesias has joined TxCore as chief financial officer, while Aggarwal, Matt Harris, managing general partner of Village Ventures, and Brad Svrluga, MD of High Peaks Venture Partners, have joined the company’s board of directors.
On January 22, the same day as the TXCore announcement, Marilyn Bochicchio (former CEO of the Network Branded Prepaid Card Association which Aggarwal helped to found) was announced as Prepaid Media’s new president.
According to a filing with the US Securities and Exchange Commission TXCore has raised US$2.16m in operating capital. The SEC filing lists Prepaid Capital, High Peaks Ventures, Village Ventures Fund II and Atlantic Ventures as beneficial owners.