Today, Prepaid Financial Services has finalised its acquisition by EML and has become part of a listed entity, EML Payments. PFS/EML is now one of the largest prepaid FinTech enablers in the world. This deal was approved by the financial regulators in the UK and Ireland.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200401005301/en/
High-res image taken in PFS' new Ireland office in Trim, Co. Meath in January 2020: Back row, left to right; Paul Wenk, Group General Counsel at EML, Valerie Moran, Head of Operations & Client Relations at PFS, Tom Cregan, Managing Director & Group CEO at EML, and Noel Moran, CEO at PFS. Front row, left to right; Kristen Shaw, Group Chief People & Culture Officer at EML, and Richard Anderson, Chief Sales & Marketing Officer at EML. (Photo: Business Wire)
Against the background of the current global Coronavirus situation, the terms of the original deal worked out in November 2019 were renegotiated in recent weeks.
Noel Moran, CEO at PFS noted: "Our original deal was on track to close, until recent weeks, when COVID-19 started to have an impact on global stock markets. With share prices plummeting around the world, the value of FinTechs was similarly affected. Luckily, we had built a solid, profitable business over the past 12 years thanks to the dedication of our entire team. In light of the current worldwide business reality, I believe we have achieved a great result for everyone involved. We are eager to play a pivotal role in complementing EML's sizeable international and diversified electronic money portfolio."
PFS, an agile and Dual Regulated FinTech, is a Payment Provider of Choice delivering robust payment technology solutions and offers world-class innovation in electronic money. A pioneer in the evolution of the FinTech ecosystem, PFS’ award-winning solutions include eWallets, physical and virtual prepaid cards, IBAN accounts and consumer and business current accounts in the UK and Eurozone.
PFS is one of Europe's largest eMoney issuers and has returned profits for 11 consecutive years. With programmes active in 25 countries and growing, the company has the ability to transact in 23 currencies. PFS’ products and state-of-the-art technology platforms are trusted by Governments, Local Authorities, Non-Governmental Organisations (NGOs), Mobile Network Operators (MNOs), Traditional Banks and a comprehensive list of Corporates.
PFS is chosen by other FinTechs to revolutionise the digital economy in real-time. The company develops a range of trendsetting mobile payment and wearable solutions securely and seamlessly by providing quick and easy integrations into mobile payment applications.
Prepaid Financial Services Limited, trading as PFS, is Authorised and Regulated by the Financial Conduct Authority in the United Kingdom. PFS Card Services Ireland Limited, trading as PCSIL, is Authorised and Regulated by the Central Bank of Ireland.
Explore the future of prepaid financial solutions today, as the world moves towards a cashless society tomorrow, by visiting https://prepaidfinancialservices.com and discover more about PFS' next-generation payment solutions by connecting with Sales@PrepaidFinancialServices.com
About EML Payments Limited
With EML, you will be empowered with more control, transparency and flexibility over your payment processes. Whether you serve businesses or consumers, EML makes your payment processing more efficient and secure from start to finish, while helping you improve customer service and increase brand loyalty.
Our portfolio offers innovative financial technology that provide solutions for payouts, gifts, incentives and rewards, and supplier payments. We issue mobile, virtual and physical card solutions to some of the largest corporate brands around the world, processing billions of dollars in payments each year, and manage more than 1,500 programs across 23 countries in North America, Europe and Australia.
For more information on EML Payments Limited, visit: EMLpayments.com
Marie O’Riordan MPRCA MAM
Head of PR
Prepaid Financial Services (PFS)
Tel +442071835856 / +353469079073