GRP Backs Payment Card Provider Wave Crest

Los Angeles-based venture firm GRP Partners is backing a prepaid card firm, Wave Crest Holdings Limited, based in Gibraltar. According to Wave Crest today, it raised $8.5M in a Series B funding round led by GRP Partners, which also included Park Ventures. The firm develops prepaid cards and electronic wallet products as well as other related payment products. As part of the funding, Brian McLoughlin of GRP Partners joins the firm's board of directors. GRP has been fairly focused on financial services companies, and scored a significant exit last year in billing firm BillMeLater, which it sold for over a billion dollars. Wave Crest looks to be in the same, prepaid payment card sector as Monrovia-based Green Dot, which is expected to hit the public markets very soon in its IPO. More information »