TransCard, LLC will expand its operations on Jenkins Road in Chattanooga. The expansion is a result of TransCard acquiring HQ Gift Cards, Inc., located in Louisville, Ky., along with the organic growth of their core bank business. TransCard’s expansion represents a $925,000 investment and will create 69 new jobs in Hamilton County. The announcement was made by Tennessee Department of Economic and Community Development Commissioner Bill Hagerty along with TransCard officials.
“Tennessee’s extensive technology infrastructure and pro-business climate offer companies a significant competitive advantage in today’s global marketplace,” Commissioner Hagerty said. “Under Craig Fuller’s visionary guidance, TransCard has become part of the great entrepreneurial DNA of this state. Craig and his team have built a world class technology company and we are proud that they call Tennessee home.”
“The future of banking is being built right here in Chattanooga. TransCard's network of 180 banks — or 3% of the total banking market — has expanded from just one bank in January 2011. In April 2013, alone, TransCard signed over 55 banks around the country who are now taking advantage of our technology platform to deliver powerful payment solutions. Cash and checks are being eliminated at a mind-boggling pace, and electronic forms of payment are replacing paper-based offerings. Cards, mobile payments, and virtual payment applications are all becoming more and more relevant in our lives today,” TransCard Chief Executive Officer Craig Fuller said. “As a leading provider of emerging payments to banks around the country, TransCard is excited to expand our presence in Chattanooga.”
Chattanooga Mayor Andy Berke said TransCard is one of Chattanooga’s entrepreneurial success stories. “By combining technology and innovation, TransCard has emerged as a leader in their industry,” Mayor Berke added. “Working to grow businesses made in Chattanooga, like TransCard, will fuel our growth as a city for years to come.”
Hamilton County Mayor Jim Coppinger agreed with the importance of supporting entrepreneurial companies. “When a homegrown company like TransCard continues to add family-wage jobs, we have much to celebrate,” Coppinger said. “TransCard’s growth means more job opportunities, but it also serves as a positive economic indicator for the future.”
“Over the long-term, existing companies like TransCard will drive most job creation in our community,” Vice President of Economic Development for the Chattanooga Chamber Charles Wood said. “As we seek to win expansion and recruitment projects, TransCard gives us an outstanding demonstration of the excellent business climate we provide for headquarters, back office, and financial transaction operations.”