Swift Prepaid, which rebranded itself over the summer as daVinci Payments, has moved forward with its sales process.
Books for Swift Prepaid are out, sources said. Bids for the fintech company are due later in October, people said. Raymond James is advising on the sale.
In July, Buyouts reported that Swift Prepaid was considering a sale. Swift Prepaid produces $65 million in revenue on $35 million Ebitda. It is expected to sell for 15x to 16x, Buyouts said.
Swift, of Buffalo Grove, Illinois, was founded in 1996 as a non-bank issuer of Visa and Mastercard prepaid cards. The company provides prepaid solutions for incentive and reward programs. Swift supplies branded, prepaid cards in more than 160 countries in 10 currencies.
Syncapay, a holding company that seeks to buy payments companies, owns Swift Prepaid. Syncapay is backed by Bain Capital Ventures, Silversmith Capital partners, MissionOG and Nyca Partners.
Executives for Swift Prepaid, Syncapay, Bain Capital Ventures, Raymond James, Silversmith, Mission OG and NYCA could not be reached for comment.
Action Item: See Bain Capital Ventures’s latest form ADV here.