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Google reportedly in talks to acquire Softcard from telcos

Published

Jan. 19, 2015

Almost two weeks after it laid off 60 employees, Softcard is reportedly an acquisition target and Google might be the buyer.

TechCrunch and the Wall Street Journal both reported over the weekend Google is in negotiations with to acquire the mobile wallet formerly known as Isis from the telcos who own it: AT&T Mobility, T-Mobile USA and Verzizon Wireless.

The Wall Street Journal said Google has entered into exclusive talks to buy the company for at least $50 million while TechCrunch reported the price could be as high as $100 million.

Softcard faced challenges from the start when it debuted as Isis in 2012. The company rebranded in September to disassociate itself from any kind of perceived link with the extremist militant terrorist group that uses the acronym ISIS.

Softcard's longstanding issue is that it’s compatible with just a select number of bank cards. Users can add eligible credit cards from American Express, Chase, and Wells Fargo. Serve, which is an American Express prepaid card, can act as the default funding account for the mobile wallet.