Irish FinTech firm PFS sold to Australian company for £281m

  • Irish FinTech company Prepaid Financial Services (PFS) has sold to Australian payment provider EML Payments for a total of €327m (£281m).

    It's been a bumper year for Irish financial technology firm Prepaid Financial Services (PFS), with rapid expansion and some exciting deals coming through. The company bought out Barclaycards' pre-paid card portfolio in May and secured a new Electronic Money License from Bank of Ireland back in April as part of a Brexit mitigation strategy, allowing it to continue with its EU operations largely unaffected by political outcomes.

    PFS was named UK Business of the Year at the 2019 European Business Awards in September, and soon after announced 50 new jobs and a €50m investment in a new Irish base in Meath. Though it's officially headquartered in London, CEO Noel Moran has stated his commitment to keeping PFS invested in Meath, with plans to move from its cramped home offices in Navan into a new modern FinTech office space in Trim suitable for up to 750 office spaces.

    The company has now announced that it's been acquired by Australian payment solutions provider EML Payments for €327m (£281m). CEO Noal Moran commented on the sale: "From humble beginnings over a decade ago, PFS started life at a kitchen table and now we are so happy to be listed on the Australian stock exchange as a result of this transaction. It has been a magnificent journey and I am excited about the possibilities and opportunities that this will bring to us over the coming years.”

    Source: Irish Timesbusinessworld.ie

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