Australian prepaid provider Emerchants Ltd. reportedly will buy the U.S. and Canadian operations of Store Financial, a 13-year-old company that processes and manages gift, rewards and payment card programs.
The acquisition follows a 2014 deal in which Emerchants bought Store Financial Services UK. That $21.7 million deal left the Kansas-based Store Financial Services as a shareholder in Emerchants. Terms of the new deal were not disclosed, but Emerchants reportedly is seeking to raise $35 million from a stock sale to fund the acquisition, according to The Australian Financial Review.
Emerchants, which operates corporate expense, funds disbursement, and disaster and welfare payments, launched in 2001. Emerchants was among the winners of the 2016 Pay Awards. The company won in the Global Consumer Champion category for its Epipoli MasterCard Prepaid Web product. Store Financial was a winner in three categories in the 2015 Pay Awards.
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