Acquisition Expands Refund and Payment Service Offering

New Haven, CT - November 20, 2009 - Higher One, a financial services and payment company focused exclusively on higher education, today announced that it has reached a definitive agreement to acquire CASHNet, a leader in payment management services to colleges and universities. Colleges and universities will be able to leverage refund as well as payment services within one relationship. New and existing customers will be able to leverage cost savings initiatives across a broad range of student services. Students and parents will gain more choices and flexibility to manage their payments and refunds. Financial terms of the transaction were not disclosed.