- 5% of company sold to strategic investor
- Record profitability
- Loaded over half a billion pounds onto prepaid products
- 2016 targets adjusted upwards
- Launched Bank Lite and current account product throughout Europe
- Significant client wins include Finnish Government, NLB (largest Slovenian bank), NewB (ethical Belgian challenger bank), Spanish Post Office, 3 Mobile (Ireland).
Prepaid Financial Services (PFS), has today announced its annual results for the year end 31 December 2015 compared to the year ended 31 December 2014. The e-money institution that specialises in prepaid card issuing, acquiring and providing alternative banking solutions via its own technology platform, has achieved annual growth of 56%, taking turnover to £28.8m up from £18.5m in 2014 and an EBITDA of £2.3m.
These results are in line with targets announced in November 2015 and are the culmination of another record-breaking year which saw 5% of the company sold to a strategic investor.
PFS is looking to accelerate this growth and is on track to achieve revenue of £44m in 2016 and EBIT of £8m+. The company has built up a customer base of over 2.5m cardholders (including prepaid products, e-wallets, basic bank accounts) and will issue more than 1.3m new cards and accounts during 2016 alone. Founded in 2008, PFS is now one of the largest non-bank Issuers of MasterCard® prepaid products in Europe, with programmes live in 23 countries and the ability to transact in over 20 different currencies.
Noel Moran, CEO said: “During a period when it has not always been easy to tell which way the FinTech winds were blowing, PFS has achieved significant and consistent organic growth with no external investment: we are on track to make over £8 million EBIT in 2016. We will continue on this course in the short term but we will also consider acquisitions, if we believe other businesses can provide a strategic alliance or support us in a specific market or country. We are a real business with real customers, combined with the agility and aggression you would expect of a FinTech and we aim to harness these strengths in order to outperform our targets during 2016 and beyond.”
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Full accounts can be viewed online: https://www.prepaidfinancialservices.com/docs/Prepaid-Financial-Services-Limited-2015-Financial-Statements.pdf