Tuxedo Money Solutions, a leading payment technology and prepaid card provider, has announced its plans to expand internationally.
Despite the continued global economic pressures, 2013 was a milestone year for Tuxedo, with an increase in revenue of 16.1%, a marked upturn in new customers and a 20% increase in employees. This performance comes on the back of steady growth and continued investment in the future; proving that with the right strategy, product and people, businesses can flourish.
Founded in 2006, Tuxedo now employs 61 people across offices in Chester, London and Melbourne. 2013 saw considerable growth across its sales, marketing and IT departments and the recruitment drive is set to continue with expansion of global office space through 2014 and beyond.
Indeed, Tuxedo recently announced the opening of its first satellite office in Melbourne, Australia, marking the company’s plans for global expansion. This follows its deal with global travel specialist, STA Travel, to implement its prepaid travel card programs across the globe.
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The office in Melbourne is the first satellite office and will be followed by an office in Texas, USA later this year. Initially opened to support a key client the offices will provide Tuxedo with the platform to expand into these commercially attractive markets. As well as prepaid card programmes, Tuxedo is also exploring a number of platform licensing opportunities in the Middle East and South America.
The demand for prepaid cards is indeed increasing – with global prepaid card transaction volumes having grown by more than 20% during the past four years and expected to reach 16.9 billion in 2014. To secure its market share, Tuxedo has continued to invest substantially in its market leading technology, the eccount® platform. At the centre of its growing success is this award-winning program, which has facilitated the company’s plans to expand into global regions. Developed in-house, it is Tuxedo’s central solution, which manages a full range of prepaid products and services across multiple form factors and allows the delivery of flexible and innovative payment solutions.
The company attributes its overall success to its growing reputation for a high level of service and ability to deliver cost effective payment technology and card solutions, tailored to meet the clients’ individual needs – whether it be for improving brand recognition, customer loyalty, maximising revenue or driving cost savings to reaching new market segments.
John Sharman, CEO of Tuxedo adds: “Since our inception in 2006, our focus has been on building the foundations of the business and the service that we offer. Year upon year, we have witnessed steady growth, but now, we are really starting to see this hard work come to fruition.
“Following such a successful year, we are now turning our attention to more aggressive business growth and ultimately, global expansion, with further significant investment being made into the people and the systems we now has in place.
“We are confident that our prepaid card and platform licensing strategy is well positioned to ensure that Tuxedo continues to deliver growth and profitability in the coming years.”
From general spend and travel cards for consumer-focused brands to payroll cards and business payment solutions, Tuxedo’s offering includes fully branded cards, websites and mobile apps, virtual cards, mobile P2P payment, PoS integration and cashback clubs.