Prepaid Financial Services Limited (PFS), an established e-money issuer and alternative banking provider today announced the acquisition of Spectre Technologies Limited (STL), a Malta-based software development company with a long history of providing bespoke software to the financial services, payments, and fintech industries.
As a market leader in middleware solutions for the prepaid industry, Spectre Technologies has worked closely with PFS to develop e-wallets, FX systems, mobile apps, and loading networks. This acquisition accelerates PFS's ability to deploy new financial products and enhances the existing services for the benefit of its customers.
Len Busuttil, CEO, Spectre IT said: "We have worked with PFS since its inception and look forward to further cementing our working relationship through this acquisition. Our team of more than 45 technical staff will provide additional support in building innovative solutions, as well as acting in an advisory role to organisations when launching new products and services to the market"
Noel Moran, CEO, Prepaid Financial Services said: "This acquisition is indicative of PFS's commitment to innovation, which centres on providing alternative banking solutions to our clients and their end users. Our partnership with STL will allow us to accelerate the delivery of products and programmes to meet their needs in even shorter timeframes than we do today.
"The partnership will also enable PFS to provide white-label mobile payments solutions, such as Apple Pay, Samsung Pay and Android Pay to our new and existing clients and wallet partners, giving them access to our IBAN and SEPA payments solution throughout Europe, thus enhancing their value proposition. This cross-border mobile payment solution will be a major benefit for clients, regardless of whether they are a bank, a mobile operator, or a fintech startup.
"PFS has worked closely with the team at Spectre Technologies for a number of years and has always been impressed with how quickly they are able to build bespoke payment infrastructure and programmes for our clients. This acquisition will further solidify our position as one of the leading payments providers in Europe; with our technology platform and our ability to innovate, we are now even better equipped to cater to the needs of our clients in today's fast changing payment and software landscape."
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 the fastest growing issuer in Europe, with programmes live and active in 24 countries with the ability to transact in 20 different currencies. Its products and cutting-edge technology platforms are utilised by governments, local authorities, mobile networking operators, banks and corporates globally.
PFS has been listed within the top fastest growing technology companies in the UK by the Sunday Times Tech Track 100 for four consecutive years and most recently ranked number 108 in Deloitte's EMEA Technology Fast 500.
In the last 12 months, PFS has seen explosive growth and processed over €1 billion in 2016.
About Spectre IT:
Spectre IT Limited (STL) is a market leading software development company specialising in creating software for the financial markets.
STL was founded by core technology experts with over 15 years experience in the payments sector, building solutions for a wide range of clients ranging from sole traders to large multinational financial institutions. STL provide award winning technology solutions to support issuers, processors, card programme managers, card programmes, acquirers, cash top-up networks, and payment service providers. They also provide faster payments, current accounts, Direct Debits and SEPA payments throughout Europe.