Leading Biometric Check Cashing Business Acquired in Management Buy Out
« Back to 2008 Press Releases
« Back to Main News Page
HERNDON, VA — March 5, 2008 — Phoenix Check Cashing, Inc. announced today that it has completed the purchase of the BioPay Paycheck Secure business from Solidus Networks / dba Pay By Touch, who had acquired the business in early 2006 as part of multiple acquisitions in the biometric payments and financial services sectors. Pay by Touch experienced severe financial problems and as a result decided to sell several businesses including BioPay Paycheck Secure.
The financing for the acquisition was led by WWC Capital Group, a Reston, Virginia based equity fund. Woodbrook Capital of Baltimore, Maryland is also a major investor. Phoenix Check Cashing, Inc. is a company formed by the management team and investors to acquire the BioPay Paycheck Secure business. The Paycheck Secure product has a proven record of preventing losses and offers retailers and banks full MSB compliance features as well as embedded Check 21 processing.
"We are very excited about re-energizing this business," said Jon Dorsey, CEO of BioPay Paycheck Secure. "We look forward to leveraging the product’s legacy as the market-leader in finger print authentication of check cashing transactions. This is a great product that now has the resources to deliver on its full potential."
About BioPay Paycheck Secure
BioPay Paycheck Secure was launched in 2000 and provides a highly effective solution for businesses offering check cashing. With a touch of a finger, consumers can quickly, safely, and easily turn their paycheck into cash, while giving the business providing this service confidence in the trustworthiness of the transactions. Paycheck Secure has been used by more than 4 million consumers to complete more than 40 million transactions worth more than $17 billion; making it the most widely used biometric check cashing system in the nation. For more information on Paycheck Secure, visit www.paychecksecure.com.
For more information on BioPay Paycheck Secure investors, visit www.wwccapital.com and www.woodbrookcapital.com.
