Netspend Snapshot
To empower consumers with the convenience, security and freedom to be self-banked
Netspend offers prepaid debit cards to people who can't or don't want to deposit their money in a bank. The company offers pre-paid debit cards directly to consumers via the Internet or through major check cashers (such as ACE), convenience stores, and supermarkets. Clients can reload their cards for a fee at more than 100,000 locations. Netspend's cards include features such as direct deposit, bill pay, savings accounts, and transfers. The company targets the more than 60 million underbanked consumers in the US and has more than 2 million active cards. Netspend was founded in 1999 by Rogelio and Bertrand Sosa, brothers who immigrated from Mexico in 1986. The company went public in October 2010 but was later bought by TSYS.