U.S. Bancorp said Tuesday that it acquired Florida-based FSV Payment Systems, broadening its reach into the prepaid card market. Terms of the deal were not disclosed.
The Minneapolis-based bank has long been pushing into more stable fee-based services, hoping to diversify its business away from riskier home and commercial loans.
"The prepaid market has been a strategic focus for our business over the last decade," Tony Vuoto, executive vice president U.S. Bank Retail Payment Solutions, said in a statement. "FSV Payment Systems is one of the few integrated platforms specically for the prepaid market and has the flexibility to serve our growing customer base."
U.S. Bancorp offers prepaid cards to corporations, consumers, government, and colleges and universities.
Thomas Lee • 612-673-4113