PFS Announces the Acquisition of Physical Prepaid Card Portfolio of Barclaycard
FinTech Company Prepaid Financial Services has today announced the completion of a deal to acquire the Physical Prepaid Card Portfolio of Barclaycard in the UK and migrate onto its own platform as of 31st January 2019.
Noel Moran, CEO at PFS said:
“We had been in discussion with Barclays regarding their physical prepaid cards and looking at opportunities to work together. In January, we agreed a deal whereby PFS acquired Barclays’ portfolio and would work with Barclays to migrate clients off the existing prepaid platform and over to PFS. We are working hard to achieve a seamless migration for clients of Barclays. The deal will enable PFS to offer an enhanced service to existing and future Payroll and Corporate clients. Adding this Corporate and Payroll portfolio to our existing Corporate book further strengthens our position in the market as one of the leading payment providers for Corporate customers.”
Prepaid Financial Services Limited (PFS) provides world-class payment technology solutions offering comprehensive innovation in electronic money. As a pioneer in the evolution of the FinTech ecosystem, its award-winning solutions include e-wallets, physical and virtual prepaid cards and IBAN accounts in the UK and Eurozone. PFS is Authorised and Regulated by the FCA in the UK as an electronic money institution and has passported its e-money license to enable e-money issuance in the EEA.
PFS is one of Europe’s largest e-money issuers and has returned profits for 10 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, NGOs, mobile network operators, banks and corporate clients globally. PFS is an agile FinTech chosen by other FinTechs to revolutionise the digital economy securely and in real-time.