Prepaid Expense Card Solutions, announced that it has secured $3.2 million in Series B funding led by existing investor iNovia Capital and new investor Bluff Point Associates. Additional investors include Augury Capital and private investors. In combination with previous funding, the company has now raised nearly $5 million.
The funds will be used to help accelerate new customer sales growth of the PEX Visa Prepaid Card, as well as to continue iterative development of new features and mobile tools that enhance usability and create cost and time efficiencies for its business customers.
PEX Card recently named Michael Noles as its Chief Marketing Officer, who brings over 30 years of diverse financial services experience, primarily focused on serving the large but complex small and mid-size business markets. He started and led Advanta’s business credit card division; later, he directed profitable growth of the JPMorgan Chase small business card unit. Noles has held senior positions at Citibank and FleetCor.