A prepaid card company doubles its workforce and expands to Sioux Falls amid strong growth in its software services product.
Dell Rapids-based Central Payments is building a second location in downtown Sioux Falls, according to a press release.
The company is a subsidiary of the Central Bank of Kansas City and grew after offering its software as a Marketplace, or Banking-as-a-Service (BaaS) available on its Cloud Open * CP Fintech API Marketplace .
This type of software makes it possible to offer the basic card for other financial services or banks, and is another strong product in addition to its range of cards for central payment.
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“Our trajectory changed in 2019 when we brought Open * CP to market. It was immediately evident that our ‘REAL’ BaaS approach resonates within fintech and integrated finance, ”said CEO Trent Sorbe.
As part of the boom in the prepaid debit and credit card industry, which is expected to grow 1.4% this year following the impetus of government stimulus, according to market research by IBIS World, Central Payments’ prepaid cards and accessible software help position the company well in the midst of a period when online banking is expected to reach tens of billions over the next several years.
In addition to adding staff, which, according to Central Payments, is 75% women and 15% master-level training, the management team is growing and evolving within the company.
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Leadership changes include Zack Bowen as Senior Vice President of Partner Success, Jennifer Boone as Senior Vice President and Chief Information Officer as well as Adrian Escalona Jr. as Vice President and Advisor. main legal.
Central Payments has not indicated how many employees it will hire for its downtown office.