Fintech

Prepaying their cards right: PFS banks record growth

July 18, 2019 No Comments

Prepaid cards and payment technology specialist becoming indispensable for UK businesses.

Irish business Prepaid Financial Services (PFS) is one of the fastest growing electronic money institutions in Europe[1]. Headquartered in the heart of London on Regent Street, and with a second UK office in Cheshire, PFS has carved out a reputation for being the first port of call for businesses seeking state of the art payment technology solutions.

Prepaid financial solutions are becoming an indispensible feature for many businesses today. PFS offers its expertise to governments, mobile network operators, banks and global blue-chip organisations.

Success has been swift for the company, “2018 saw outstanding results for the company, which underpins the hard work and efforts put in by all the staff. And while 2018 was a very good year, we expect 2019 to continue to be record breaking. We achieved EBITDA of over €11 million in 2018,” says Noel Moran, CEO and founder of PFS.

2019 promises to be no less exciting with plans to launch an IPO on the London Stock Exchange’s AIM in the second half of the year. As the only fintech to do so, this move stands to revolutionise the company at scale internationally.

With over 2,000 corporate clients globally[2], PFS offers some of the most flexible and quick to market services in the prepaid payments industry. In the UK it has worked with clients to fulfil a range of needs. Commenting on PFS’s collaborations, Lee Britton, Commercial director comments, “As a fintech, we remain at heart a technology company. With revenues pushing towards €100m[3] per annum and EBITDA growing substantially, PFS is focused on partnerships, acquisitions and innovation to drive us forward.”

One solution developed by PFS was a bespoke prepaid payroll solution for Blueline Taxis, one of the largest minicab firms in the UK. Based in the North East and with more than 600 drivers serving over 250,000 passengers each week, Blueline wanted a more efficient method of paying its drivers’ wages. Following a close consultation, PFS designed and delivered a prepaid Mastercard system where wages could be made instantly available to drivers on their prepaid cards once loaded by the employer. Immediately successful, the new payment process not only streamlined head office operations, but eliminated the need for cab drivers to queue to receive their wages.

Another of PFS’s most successful partnerships to date has been with Centtrip, a UK-based consumer and corporate fintech, PFS developed a secure and fair multi-currency product. Provisioned on the PFS multi-currency platform, Centtrip became one of the first true multi-currency products to enter the market. PFS worked with Centtrip to develop a multi-currency prepaid card that allows cardholders to move funds from one wallet to another and benefit from FX rates set by Centtrip when the transactions take place in real time.

With such an agile and innovative approach to developing tailored prepaid card and payment solutions, the future is bright for PFS.

[1] https://www.businesswire.com/news/home/20180501005090/en/FT1000-Lists-PFS-Year-Row-Revenue-Growth

[2] https://prepaidfinancialservices.com/en/#about

[3] https://www.businesswire.com/news/home/20180917005242/en/Prepaid-Financial-Services-PFS-Reaches-New-Heights

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