London-based Prepaid Financial Services (PFS), an e-money issuer that specializes in acquiring, prepaid and alternative banking solutions, has divested 5% of its shares to a strategic investor for £2.5m.
PFS expanded its payments operations in 2015 by capitalising on its prepaid cards, e-wallets, basic bank accounts and payment gateway offerings across Europe.
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The company, which is being valued in excess of £50m, has doubled its headcount with a number of new hires across its 3 European locations.
In April 2015, PFS hired Terry Walter as CFO, who has over 40 years of finance sector experience across four continents.
PFS CEO Noel Moran said: "PFS is continuing to look at options corporately for the next phase and recognises that having external investors would be important ahead of any plans such as a possible IPO.
"Whilst still at an early stage, given our growth this year and our continued growth next year, we are in a fairly unique position within prepaid and on target to break £37m turnover and £4.8m EBITDA in 2016."
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