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.
