IPO on the Cards for One of FinTechs Biggest Success Stories as PFS Records a Decade of Profitability
Revenues at Prepaid Financial Services have increased to €50.4 million (EBITDA €6.2 Million) with record profits revealed in its annual results for the year ended December 2017. This represents a hike in turnover for the 10th year in a row in what has proven to be a consistent pattern of robust commercial growth for the leading payments solution provider.
PFS is on target to process over €2.5 billion in 2018 after processing €1.6 billion last year. The company successfully migrated clients from two acquisitions in 2016 adding 55 local authorities to the books plus multiples of new corporate customers.
PFS CEO, Noel Moran, stated: "I believe we are one of the few, if not the only, FinTech companies in Europe that has managed to return profits for 10 consecutive years - without taking in any institutional investment. We are now at a point where it makes sense to look at an IPO and take the company to greater heights.”
Last year, the business won a number of top awards such as making it onto the Deloitte Fast 500 EMEA list 3 years in a row and The Sunday Times Hiscox Tech Track 100 for 5 years in a row. PFS won The Queen’s Award for Enterprise, International Trade 2017. This year, the company won the overall RSM European Business Award for Digital Technology and featured on The Financial Times FT 1000 list of Europe's fastest-growing companies for the second year in a row.
PFS sees further growth potential outside of Europe and is seeking to extend it licensing in Africa and Asia. Adding to the number of products it offers has helped the company to avail of heightened scale efficiencies. The Board expects EBITDA to increase to over €12 million in 2018. Turnover is expected to grow to in the region of €65 million.
Keefe, Bruyette & Woods, Inc. is a retained adviser to PFS.