Pending regulatory approval and satisfying customary closing conditions, the transaction is expected to close in phases, beginning from 30 November 2012.
Following closure of the deal, nFinanSe will become a wholly-owned subsidiary of AccountNow.
AccountNow chief executive officer Jim Jones said, "We believe that combining our direct-to-consumer expertise and nFinanSe’s knowledge of the retail store channel, we will become a truly integrated, multi-channel provider of GPR cards."
Headquartered in Tampa, Florida, nFinanSe has developed the nFinanSe Network- a secure, reliable value load and activation platform that connects with retail merchants and other value load stations located across the US.
AccountNow, headquartered in San Ramon, California, offers money saving prepaid cards which provides consumers an alternative to traditional checking accounts, access to the financial and payments systems and FDIC insured deposits.
