SOURCE: Debitman Card, Inc.

May 22, 2006 10:05 ET

Debitman Closes $8.7 Million Series B Financing

HSBC Retail Services Joins Cardinal Ventures and Selby Capital as Investors in PIN-Based Merchant Payment Network

SAN MATEO, CA -- (MARKET WIRE) -- May 22, 2006 -- Debitman Card, Inc., creator of The Retailer's Network, today announced it has closed its Series B funding round with $8.7 million in financing from investors including HSBC Retail Services, a U.S. business unit of HSBC -North America, Cardinal Venture Capital and Selby Venture Partners.

"Debitman is poised for rapid growth," said Debitman CEO Mike Grossman. "The participation of HSBC, one of the leading private label card issuers in the U.S., is a powerful endorsement of the compelling business case that The Retailer's Network provides to merchants."

More than 200,000 locations nationwide are part of The Retailer's Network created by Debitman, including Wal-Mart, Sam's Club, CVS, Duane Reade, and Walgreens. The merchant-friendly PIN-based payment network creates new revenue sharing opportunities for retailers that issue their own branded debit cards and reduces fees on electronic payment transactions for all card-accepting merchants.

About Debitman

Debitman® created and operates The Retailer's Network, the only national, interoperable electronic payment network for retailer-issued debit cards. Founded in 2000 with a commitment to lowering interchange fees for card transactions and generating revenue for card-issuing retailers, the company is privately held and headquartered in San Mateo, CA. For additional information, visit www.debitman.com.

Contact Information