Veritec is a small U.S. fintech company that builds and operates prepaid, debit, and gift card programs on its proprietary mobile banking platform. Its flagship products are Visa-branded prepaid debit cards — marketed under the MTC and blinx ON-OFF brand names — which allow cardholders to toggle their card on or off in real time via mobile phone. Veritec operates in two capacities: as a cardholder ISO, promoting and selling card programs to consumers and institutions, and as a third-party servicer, providing back-end transaction processing for Visa-branded programs on behalf of sponsoring banks. Veritec also licenses its mobile banking platform to card issuers who want to launch custom-branded prepaid, debit, or gift card programs, and offers blinxPay, a mobile wallet app for purchases at participating merchants. Revenue comes from platform licensing fees, professional services, back-end processing fees, and management services fees from The Matthews Group, a related party for which Veritec manages a divested barcode technology business. The company is very small — seven employees and six contractors — and its customer base is highly concentrated, with three customers accounting for roughly 92% of FY24 revenues.