Prepaid Financial Services (PFS) Announces Annual Growth of 56% (to £28.8m) and EBITDA of £2.3 Million (Projects £8m+ for 2016)

LONDON, June 23, 2016 /PRNewswire/ --

Highlights include:

• 5% of company sold to strategic investor
• Record profitability
• Loaded over half a billion pounds onto prepaid products
• 2016 targets adjusted upwards
• Launched Bank Lite and current account product throughout Europe
• Significant client wins include Finnish Government, NLB (largest Slovenian bank), NewB (ethical Belgian challenger bank), Spanish Post Office, 3 Mobile (Ireland).

Prepaid Financial Services (PFS), has today announced its annual results for the year end 31 December 2015 compared to the year ended 31 December 2014. The e-money institution that specialises in prepaid card issuing, acquiring and providing alternative banking solutions via its own technology platform, has achieved annual growth of 56%, taking turnover to £28.8m up from £18.5m in 2014 and an EBITDA of £2.3m.

These results are in line with targets announced in November 2015 and are the culmination of another record-breaking year which saw 5% of the company sold to a strategic investor.

PFS is looking to accelerate this growth and is on track to achieve revenue of £44m in 2016 and EBIT of £8m+. The company has built up a customer base of over 2.5m cardholders (including prepaid products, e-wallets, basic bank accounts) and will issue more than 1.3m new cards and accounts during 2016 alone. Founded in 2008, PFS is now one of the largest non-bank Issuers of MasterCard® prepaid products in Europe, with programmes live in 23 countries and the ability to transact in over 20 different currencies.

   
                         Revenue (GBP000)
    2016 (predicted)           44,000
    2015                       28,814
    2014                       18,465
    2013                       10,400
    2012                        6,169

Noel Moran, CEO said: "During a period when it has not always been easy to tell which way the FinTech winds were blowing, PFS has achieved significant and consistent organic growth with no external investment: we are on track to make over £8 million EBIT in 2016. We will continue on this course in the short term but we will also consider acquisitions, if we believe other businesses can provide a strategic alliance or support us in a specific market or country. We are a real business with real customers, combined with the agility and aggression you would expect of a FinTech and we aim to harness these strengths in order to outperform our targets during 2016 and beyond."   

Full accounts can be viewed online: https://www.prepaidfinancialservices.com/docs/Prepaid-Financial-Services-Limited-2015-Financial-Statements.pdf

Notes to editors 

About Prepaid Financial Services: 

Prepaid Financial Services (PFS) is an award winning payments technology specialist offering a comprehensive range of e-money and banking solutions including e-wallets, physical and virtual prepaid cards and current accounts in the UK and the Eurozone. Authorised and regulated by the FCA in the UK, PFS has passported its e-money license across the SEPA region to enable card issuance throughout the region.

Founded in 2008, PFS is now one of the fastest growing issuers in Europe, with programmes live and active in 23 countries with the ability to transact in 20 different currencies. Its products and cutting-edge technology platforms are utilised by governments, local authorities, mobile network operators, banks and corporates globally.

PFS has been listed within the top 25 fastest growing technology companies in the UK by the Sunday Times Tech Track 100 for 3 consecutive years and most recently ranked number 108 in Deloitte's EMEA Technology Fast 500.

For more information about PFS's payment solutions please contact sales@prepaidfinancialservices.com

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