PFS Celebrates £1 Billion Year-to-Date E-Money Loading Milestone

LONDON, November 20, 2017

Prepaid Financial Services Limited (PFS), one of Europe’s biggest electronic money issuers, has achieved a landmark in its history by loading just over £1 billion pounds onto e-money accounts. In comparison, £812.5 million was loaded in 2016.

The good news, shared internally last week, follows 8 years of dedicated work in the innovative FinTech environment in the European Economic Area. Before midnight on Friday, November 10th, PFS processed a load to an e-money account which meant the company hit the magic £1,000,000,000 figure for loading in the year-to-date. This number does not take into account third-party payments (which are not loaded onto e-money accounts). Importantly, the overall processing figure for the year will be revealed in early 2018. The positive news continued as it has also been revealed that over 4 million e-money accounts have now been issued over the lifetime of the company.

Noel Moran, CEO, PFS, stated, “This is a major milestone and one that everyone has worked very hard to achieve. In terms of the exact figures, these are massive numbers for us as a company. I would like to extend my sincere thanks to our clients, e-money account users, and team for the hard work that has been put into getting us to this point in time. Our next goal is to reach £2 billion in loading and it will not take us 8 years to achieve this milestone.”

The Founder, who now employs 194 people in the UK, Ireland, and Malta, is set to unveil the winners of this year’s €1,000,000 Innovation Fund in January 2018. The closing date for entries from entrepreneurs, small to medium enterprises, and schools is Thursday, November 30th, 2017. To date, entries have been received from Europe and Asia.

About Prepaid Financial Services

Prepaid Financial Services Limited (PFS) provides multi-award-winning payment technology solutions by offering comprehensive innovations in e-money. As a pioneer in the evolution of FinTech, our world-class solutions include e-wallets, physical and virtual prepaid cards and accounts, as well as current accounts in the U.K. and the Eurozone. PFS is Authorised and Regulated by the FCA in the U.K. as an electronic money institution and has passported its e-money license to enable e-money issuance in the EEA.