UMB Bank, the banking subsidiary of Missouri-based UMB Financial, has acquired CardPartner from Serverside Group. However, CardPartner’s current team will remain in place working from their New York City office.
In 2008, the two companies had partnered to create a free, customized affinity Visa credit card program for organizations and not-for-profits of all sizes. UMB has been the issuer and financial custodian of the credit cards, which assist not-for-profit organizations in raising funds via use of the cards.
George Schmelzel, senior vice president of UMB Credit Card Services, said: “UMB is excited about the growth potential of CardPartner’s business model that offers organizations a simple, yet robust fundraising service. We have seen an increasing number of organizations utilizing this revenue generating program and we continue to experience growing demand for CardPartner’s turnkey solution.”
Doug Davis, vice president of business development at CardPartner, said: “Directly aligning our services with a stable and experienced bank in the credit card industry solidifies a tremendous fundraising service for non-profit organizations. As a result of this acquisition, customers will experience no changes and we remain committed to providing the same level of service and dedication as in the past.”
Adam Elgar, president of Serverside Group, said: “The CardPartner business model has huge potential and UMB is perfectly placed to take the company forward. We felt it was important to focus on our own core business, which is to innovate and invest in the future of digital payment cards.”
Serverside Group is a global technology provider of digital card design and new software solutions to issuers, personalization bureaus and card manufacturers.