ATLANTA -- Skylight Corporation, a provider of payment cards for those without traditional bank accounts, has closed its Series B Round of venture capital financing. The $3.4 million round was led by Crossbow Ventures and includes The Walnut Group and other existing shareholders.
According to a news release, the funds will be used for marketing and operations.
"(Skylight's) understanding of the marketplace, their focus, technology and their product mix clearly meet the needs of the corporate manager who wants to pay all employees via direct deposit, as well as those consumers who have no banking relationship due to their past credit challenges," said Steve Warner, chairman of Crossbow Ventures.
Skylight's Stratus Card provides a bank account to individuals whom would not qualify under their current status and is a payment vehicle for employers to pay all their employees.
"Skylight's ATM PayCard targets those 25 million individuals who are unbanked and have few options, other than expensive check cashers, to receive their pay. With the Stratus Card these consumers and the companies who employ them, can become a part of the traditional banking environment," said Daniel Staton, partner of The Walnut Group.
Stratus Cards are issued through US Bank, N.A., the 8th largest bank in the U.S.
