Listed Australian group snaps up FinTech PFS in £281m deal
London FinTech Prepaid Financial Services has been acquired by an Australian group in a deal which could be worth £281 million.
EML Payments paid an upfront enterprise value of £226m plus an earn-out component of up to £55m for PFS.
PFS provides e-wallets and digital banking software among other services. It operates in 24 countries and reported a €72.5m turnover in 2018 as it recorded its 11th consecutive year of profitability.
Last year, the firm’s CEO Noel Moran won European CEO European Entrepreneur of the Year for the second time.
“From humble beginnings over a decade ago, PFS started life at a kitchen table and now we are so happy to be listed on the Australian stock exchange as a result of this transaction,” said Moran.
“It has been a magnificent journey and I am excited about the possibilities and opportunities that this will bring to us over the coming years.
“I look forward to working with the EML team and cross selling our expanded payment solutions over a global footprint.
“The EML product suite adds considerably to our existing capabilities and our combined global reach enables the group to service clients worldwide.”
Valerie Moran, head of operations and client relations at PFS, is the only black woman ever to feature the Sunday Times Rich List.
Earlier this year she spoke to BusinessCloud about lack of support for diverse entrepreneurs, and said education is key to reducing the diversity gap.
EML MD and group CEO Tom Cregan said: “The acquisition of PFS continues to consolidate EML’s market position as one of the largest FinTech enablers in open banking and prepaid globally.
“PFS is highly complementary to EML’s existing solutions suite and adds digital banking and multi-currency offerings to our existing suite, while expanding our global market footprint and ability to cross-sell PFS’ solutions.”