Gerald Conrad has been involved in the financial services industry for over 30 years. During his career he has had a broad array of experiences including formation of First National Bank of Marin, the first secured credit card issuer. He also built at that time Quantitative Data Systems, a secured credit card processing platform. The bank went on to become very successful and was eventually sold to the Sherman Group in excess of $150 million.
In 2005 Gerald recognized that the prepaid debit card industry was perfectly positioned to serve the growing number of the non-banked population. To capitalize on this emerging and new financial services product he formed a strategic relationship with Meta Bank and went on to become an MSP for MasterCard. After significant research he developed a state-of-the-art technology platform that enabled financial institutions to offer a small value line of credit product (LOC) to the under-banked and unbanked U.S. consumers. Primary Innovations, LLC was formed and in November 2006. The Primary processing platform was tested on traditional payroll cards, making it the first bank-sponsored small value LOC product offered on a prepaid debit card program.
In 2008 the MLOC program under the iAdvance brand was awarded “Best New Product” at the annual Prepaid Cards Expo. Since then the Primary platform processed over 3 million LOC transactions and supported LOC programs that generated annualized LOC funding in excess of $500 million.