Irish FinTech firm PFS secures license from Central Bank of Ireland

  • Irish financial tech firm Prepaid Financial Services (PFS) has been officially granted a new Electronic Money License from the Central Bank of Ireland.

    With offices in London and Navan, local FinTech company Prepaid Financial Services got its start offering payment technology solutions such as e-wallets, prepaid cards, pre-paid accounts, and current accounts in both the UK and the EU. Last month the company announced plans to hire an additional 50 staff as part of an ongoing expansion that began in 2018.

    It seemed like there were big plans on the horizon for PFS, as that announcement was followed just days later by news that the company had secured a deal to buy out Barclaycard's pre-paid card portfolio. Now the firm has gone even further, securing a new Electronic Money License from the Central Bank of Ireland.

    This license is part of the company's plan to get Brexit-ready, and means that PFS will continue to operate as usual throughout the European Economic Area after Brexit. PFS was previously able to operate throughout Europe based on its existing license from the UK Financial Conduct Authority, but it's not clear how companies operating on UK licenses and doing business in the EU will be affected by Brexit.

    PFS CEO Noel Moran was extremely pleased with the new development: "The future looks even brighter now for PFS with this announcement. It ensures that no matter what happens with regards to Brexit, our business is prepared for all scenarios and there will be no impact to our customers and partners. We look forward to enjoying an excellent working relationship with the Central Bank of Ireland in the years to come."

    Source: Written based on press release

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