Many take a bank account for granted. Around the world, however, over 50% of workers cannot gain access to money changing options. Increasing use of pre-paid debit cards, however, gives access to millions looking for financial services.
Funds Tech Corp., a financial software/hardware transaction processing company, works to offer customers with limited banking opportunity pre-paid debit cards. Additionally, the company is now working to offer payroll options for companies that are increasingly forced to pay these same employees cash for services. The company estimates that the potential worldwide market for these types of debt card services is over $100 billion annually.
Further market opportunity exists when foreign workers are considered. The company has instituted a services product that enables many foreign workers the ability to efficiently send money home to relatives in a similar but different way than Western Union. Revenue is generated through fee per transaction at 750,000 ATM’s and 5.5 million locations worldwide.
Although the company has been finding limited success in North American markets, it is realizing its major growth projections in Africa and on the European continent. South African wholesaler’s have found a positive response and are working toward certification and expansion across the continent. European countries are also beginning to take advantage with alliances and customers experiencing positive results. All customers of the company’s services indicate plans for expansion.
Diversification of the company’s stock base is the current focus of the company internally. A recent 2-1 stock split has increased outstanding shares from 7 million to over 14 million. The company indicates that its goals are being met as planned. From a general perspective, goal setting appears to point toward the end of 2008 as a positive revenue period.
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