Prepaid card and BaaS company doubles staff and adds Sioux Falls base

A prepaid card company is doubling its staff and expanding to Sioux Falls amid strong growth in its software service product.

Central Payments, based in Dell Rapids, is building a second location in downtown Sioux Falls, according to a press release.

The company is a subsidiary of Central Bank of Kansas City and grew after offering its software as a marketplace of sorts, or Banking-as-a-Service (BaaS) available on its Open*CP Fintech API Marketplace cloud.

This type of software helps offer the basemap for other financial services or banks, and is another strong product besides its card line for Central Payment.

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“Our trajectory changed in 2019 when we took Open*CP to the marketplace. It was evident right away that our approach to ‘REAL’ BaaS resonates within fintech and embedded finance,” CEO Trent Sorbe said.

Part of the boom in the industry for prepaid debit and credit cards, which was expected to grow 1.4% this year after a boost from government stimulus, according to market research from firm IBIS World, Central Payments’ prepaid cards and accessible software help position the company well amid a time when online banking is expected to grow into the tens of billions over the next few years.