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AmEx's $300 Million Prepaid Tech Experiment Ends in a Sale

  • InComm Holdings will become manager for AmEx prepaid programs
  • American Express dismantled its enterprise growth unit in 2016
American Express Co. Credit Cards & Signage Ahead Of Earns Figures
Photographer: Scott Eells/Bloomberg
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American Express Co. is selling its prepaid-card technology to InComm Holdings Inc. as the lender continues its shift away from down-market customers.

InComm, which is backed by private equity firm Warburg Pincus, will also become the exclusive program manager and processor for AmEx’s prepaid products, which include gift cards, business-to-business rewards, tax disbursements and reloadable cards, the companies said Thursday in a statement that didn’t include terms. The deal is expected to be completed in early 2018.