PFS acquires Barclays prepaid card portfolio
Fintech company Prepaid Financial Services has today announced it has acquired the Prepaid Card portfolio of Barclaycard in the UK.
Prepaid Financial Services Limited (PFS) provides payment technology solutions. As a pioneer in the evolution of the FinTech ecosystem, its award-winning solutions include e-wallets, physical and virtual prepaid cards and IBAN accounts in the UK and Eurozone.
PFS is Authorised and Regulated by the FCA in the UK as an electronic money institution and has passported its e-money license to enable e-money issuance in the EEA.
Noel Moran, CEO at PFS said: "We had been in discussion with Barclays regarding their physical prepaid cards and looking at opportunities to work together.
"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.
"Adding this Corporate and Payroll portfolio to our existing Corporate book further strengthens our position in the market as one of the leading payment providers for Corporate customers.”.