Tag: Akimbo

Payment Data Systems to Begin Trading on the NASDAQ Stock Market

logoSan Antonio-based Payment Data Systems, which processes online payments for other companies, announced Tuesday that it has received confirmation that its common stock will begin trading on the NASDAQ Capital Market starting Aug. 11th.

In addition, Michael Long, chairman and CEO of Payment Data Systems and Louis Hoch, the company’s president, will ring the opening bell at the NASDAQ MarketSite in Times Square in New York on Monday, Dec. 21st.

Payment Data System’s common stock, will be traded under the ticker symbol, PYDSD. Its stock will continue to trade on the OTCBB and the OTCQB until market close on Aug. 10th.

“After 20 days, or on August 20, the Company’s ticker symbol will revert to trading as PYDS from PYDSD on NASDAQ,” according to the company.

“Our listing on the NASDAQ Capital Market is a major corporate milestone for our company and a testament to the tremendous progress we have made over the past few years,” Long said in a news statement. Furthermore, we believe that the listing on NASDAQ will help broaden our shareholder base, increase appeal to institutional investors, provide us with better liquidity and ultimately contribute to increasing shareholder value.”

Payment Data Systems also has a wholly-owned subsidiary, FiCentive, which provides a turn-key prepaid card solution to businesses and others. The company reported record revenue in 2014 of $13.4 million, up 159 percent from a year earlier. The company also acquired Akimbo Financial, a San Antonio-based startup that sells and markets pre-paid credit cards, last December for $3 million.

Disclosure: Akimbo is an advertiser with Silicon Hills News

A Slice of Silicon Hills Interviews Akimbo on Fast Cash

Reporter with Silicon Hills News

akimbo-financial-inc1191808213What is the fastest way to share money with friends and family? Always carry cash? Use pre-paid cards? With an Akimbo Card account, users can share money with any other Akimbo card holder instantly by using either a mobile app or the Akimbo Website via the internet. Akimbo accounts have both primary users and sub users, making it possible for parents to give “allowance cards” to their kids or employers to transfer funds quickly to secondary employee cards.
Created by CEO Houston Frost, the Akimbo card is a full-fledged Visa debit card used in partnership with Bancorp Banks. Users do not, however, need to access bank services to use the cards and transfer money between cards. In fact, Akimbo can essentially replace a normal bank account for day to day needs.
The Akimbo business model relies on interchange revenue – the small fees paid by banks for card transactions – as well as other fees such as ATM charges. Signing up for an account is free and there are currently no monthly fees, though there may be fees for creating additional sub accounts. Akimbo moved from Austin to San Antonio in February, and is currently located Geekdom of San Antonio. The startup has six full time employees, and around a dozen part time employees – many of which were acquired after moving to Geekdom.
For its next step, Akimbo is in the process of adding an “instant check loading” feature to their cards that will allow users to load the check on their cards within 30 minutes. The feature is now in beta.

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