BIRMINGHAM, Ala., March 15, 2017 — University Fancards LLC, the country’s leading provider of collegiately licensed gift cards and reloadable prepaid cards, announced today the closing of a second financing round, raising in excess of the $1.5 million targeted funding.
UFancards is focused on selling University-branded Mastercard gift cards through its website and in major retail locations, as well as the direct-to-consumer distribution of prepaid reloadable cards that allow fans to share their school loyalty and passion while using their personalized card everywhere Debit Mastercard is accepted.
UFancards Co-Founder and CEO Lynn Boggs, a payments technology industry veteran, stated “We formed University Fancards in June 2015 and shortly thereafter the University of Alabama Crimson Tide became our first sponsored card. Our initial funding of over $1 million allowed us to prove the concept of pairing college fan loyalty with the convenience of gift and reloadable cards. In late 2016, we rolled out collegiately licensed gift cards for 15 top schools, and in early 2017 we activated the first phase of reloadable cards, featuring four universities. Response and enthusiasm for both the gift cards and the prepaid reloadable cards has been tremendous.”
The most recent capital raise by UFancards will facilitate a full rollout of the reloadable Fancard Prepaid Mastercard®for 15 schools by May of this year, along with entering additional agreements to increase the number of University-branded cards to over 20 by year end.
“We are gratified to have completed this funding in less than three weeks and to exceed the targeted amount,” stated UFan co-founder and Chief Marketing Officer Greg Boggs, a sports and media marketing executive with over eight years’ experience. “After successfully introducing our gift cards in select retail locations, with major retailers including Dollar General and CVS, we now are rapidly expanding our retail relationships and will significantly increase our store presence across the country. Our plan is to have gift cards for more than 20 schools available in over 25,000 locations by year end. In addition, we are focused on rapidly expanding our digital media campaign to bring awareness of our reloadable cards to the passionate fanbases of our teams, with each Fancard Prepaid Mastercard available at myfancard.com.”
Harpeth Capital, based in Nashville, TN, served as financial advisor to University Fancards LLC and, through Harpeth Ventures, participated in the investment.