Bipin Shah, who as hard-charging head of the former CoreState Bank's MAC Card first pushed Acme Markets, Sunoco and other big retailers to accept debit cards, and later built the card-services firms Gensar and Genpass, is taking his current company back to Wall Street. On Friday he'll ring the closing bell at the Nasdaq stock market's New York showroom for his newly renamed company, JetPay Corp., which bills itself as an "end-to-end payments platform" selling payroll and payment-card processing to small and midsized firms.
JetPay is Shah's acquisitions company, formerly known as Universal Business Payment Solutions Acquisitions Corporation (UBPS), which has purchased debt-card processor JetPay LLC of Texas and Allentown-based payroll processor AD Computer, among other firms.
JetPay reported a small loss on main-business revenues of $7.5 million last quarter. SEC report here. On Monday, JetPay said it has filed a lawsuit against its former insurer trying to collect $25 million in losses banks and merchants suffered when DirectAir collapsed last year. SEC report here. More on JetPay and the investors selling shares to the public in its most recent amended registration statement here.
The company says it processes more than $20 billion in card transactions and $5 billion in payroll annually. Shah has said the company plans to boost its staff rapidly. Trading symbol is JTPY.
Shah raised an initial $72 million from New York and Philadelphia bankers and Philadelphia investor Ira Lubert's son Jonathan to start his acquisition company two years ago, as I noted here. He spent $179 million buying AD, JetPay and another firm here.