Edison Partners, the growth equity firm, led the transaction, and StepStone Group (which recently acquired venture capital platform Greenspring Associates) co-led. Stifel Venture Bank, a Division of Stifel Bank, and Top Tier Capital Partners also participated. The company will use the proceeds to accelerate its market expansion and continue to advance its category-leading technology payments platform and customer-focused prepaid solutions.

Prepaid Technologies is the fintech solution and payments program manager for more than 1,700 customers, providing innovative digital payment solutions including payroll, expense, gift, reward and incentive card products to employers, financial institutions, and government agencies.