Navan-based FinTech company Prepaid Financial Services (PFS) has announced that it's buying out Barclaycard's portfolio of pre-paid cards.Irish financial tech company PFS has been growing rapidly in recent years, and now it looks like it's ready to take on bigger challenges. The Navan-based firm has just announced that it's buying out Barclaycard's entire physical pre-paid card portfolio, expanding its operations in the UK.
PFS
recently announced that it will be creating 50 new jobs in its Navan office to meet growth demands, and this deal should help the company growits presence in the UK's corporate financial services sector. No further details on the deal have been announced, but this is a sizeable deal for PFS, which is still majority owned (81%) by Noel Moran's family and is considering launching an IPO later this year.
PFS CEO Noel Moran said "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.”
Source: Belfast Telegraph
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Brendan is a Sync NI writer with a special interest in the gaming sector, programming, emerging technology, and physics. To connect with Brendan, feel free to send him an email or follow him on Twitter.
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