Prepaid Financial Services Nabs Strategic Investor amid Record Profitability (Nov. 19, 2015)
London-based Prepaid Financial Services (PFS), an e-money issuer that specializes in acquiring, prepaid and alternative banking solutions, has sold 5 percent of the company to a strategic investor after being valued in excess of £50 million (US$76.5 million). Amid widespread industry consolidation, PFS has had a record-breaking year and is on target to report growth of 50 percent, according to an announcement.
The Paybefore Award-winning company has doubled its head count, with a number of strategic hires across its three European locations, including CFO Terry Walter and Marketing and PR Manager Heather Gray. “There has been a fair bit of interest expressed from private equity and trade buyers, as well as speculation about us considering options to further accelerate our growth,” noted CEO Noel Moran. “PFS is continuing to look at options corporately for the next phase and recognizes that having external investors would be important ahead of any plans, such as a possible IPO. Whilst still at an early stage, given our growth this year and our continued growth next year, we are in a fairly unique position within prepaid and on target to break £37 million [US$56.6 million] turnover and £4.8 million [US$7.3 million] EBITDA in 2016.”
PFS recently was named one of the top 25 fastest-growing technology companies in the U.K. by the Sunday Times Tech Track 100 for the third consecutive year.