SOURCE: BillMyParents


October 03, 2011 09:30 ET

BillMyParents Names Michael R. McCoy Chairman and Chief Executive Officer

Former President and Head of Wells Fargo Consumer Credit Cards Joins BillMyParents' Executive Team

SAN DIEGO, CA--(Marketwire - Oct 3, 2011) - BillMyParents (OTCQB: BMPI) (OTCBB: BMPI), creators of innovative payment solutions for teens and tweens, has appointed Michael R. McCoy the company's new Chairman of the Board of Directors and Chief Executive Officer. Mr. McCoy, who most recently served as the President and Head of Wells Fargo Consumer Credit Cards, succeeds Interim CEO Mark Sandson. This appointment is the result of an extensive search for the ideal leader to take the BillMyParents flagship product, the reloadable prepaid card offering (aka the BillMyParents SpendSmart Card), to a position of recognized leadership in the teen and tween payments industry.

"Bringing in someone of Mike's caliber was the next step in our strategic plan," noted Mark Sandson. "Transactions made with prepaid cards are forecast to double in the next two years. Targeting this market, we've refined the BillMyParents payments solution and launched a multi-faceted national marketing campaign for our SpendSmart Card. A proven and widely respected executive, experienced in all aspects of the payments industry, Mike has successfully guided Wells Fargo's consumer credit card company while generating outstanding performance. We have great confidence in Mike's ability to drive our business forward."

Mr. McCoy's appointment as Chairman and CEO follows a series of high profile marketing campaigns targeting parents of teens and tweens with particular emphasis on moms. Most recently, BillMyParents entered into a partnership with Procter & Gamble's marketing agency Tremor, whose Vocalpoint network of 600,000 interactive moms is expected to give BillMyParents brand exposure to as many as 2.5 million moms in the US. The company's website has shown significant gains in traffic this year, with over 770,000 unique visitors in August 2011 alone. Additional targeted marketing initiatives to boost awareness and encourage card trials will continue to roll out this fall and holiday season.

With more than 25 years of personal finance industry experience, Mr. McCoy has held key positions overseeing a range of companies and functions including sales, marketing, human resources and communications for consumer credit card, retail and consumer finance, mutual funds, annuities, and life insurance programs. At the time of his departure from Wells Fargo, he was responsible for $17 billion in receivables and approximately 4,000 employees. He previously served as Executive Vice President, Human Resources and Communications for the Wells Fargo Home and Consumer Finance Group, where he led major administrative functions for all businesses associated with the 50,000-member organization focused on mortgage banking, credit cards and consumer finance. In his role as Group Senior Vice President, Strategy and Business Development for Wells Fargo Financial, Mr. McCoy was responsible for the Sales Finance companies in the US and Canada, Wells Fargo Financial's insurance companies, and led the marketing function for all individual Wells Fargo Financial units. He was also the Executive Vice President and General Manager of financial services provider ING's Financial Institution division, and the Chief Marketing Officer and Sales Leader for Third Party Distribution at American Express Financial Advisors.

"BillMyParents is both relevant and timely," said Mr. McCoy. "Not only do I love that the company helps parents and teens deal with money and spending, but it is currently positioned to capitalize on a clear consumer shift away from traditional banking and credit options in favor of reloadable, prepaid alternatives. I'm looking forward to bringing the full scope of my experience to leading the BillMyParents team and achieving the market penetration the company is positioned to realize."

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About BillMyParents
BillMyParents, Inc. (OTCQB: BMPI) (OTCBB: BMPI), a leader in responsible spending solutions for families, offers the perfect solution for parents who want to help their teens develop smart spending habits. The BillMyParents SpendSmart Card is the only instantly track-able, reloadable MasterCard prepaid card that lets parents and teens track spending in real time. Features include the ability to instantly lock, unlock and reload the card at any time; text alerts to parents and teens showing real-time transaction details with each purchase; and the freedom and security of a MasterCard prepaid card without the risk of overdrafts, accruing debt or affecting credit scores. BillMyParents provides parents with a modern way to help teach their teens financial responsibility, when it counts. For more information, please visit

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