Prepaid Financial Services Limited (PFS)

What Prepaid Financial Services Limited (PFS) does

Prepaid Financial Services Limited (PFS) is a UK-based, FCA-authorised Electronic Money Institution (Firm Reference 900036) that operates as a wholly-owned subsidiary of EML Payments Limited. Founded in 2008 (with one source citing a 2014 re-registration) and headquartered at 4th Floor, 35 Great St Helen's, London, PFS issues reloadable prepaid Mastercard cards, virtual cards, and digital e-wallet/IBAN accounts in multiple currencies (GBP, EUR, USD, ZAR, AUD). Its core technology stack includes a proprietary in-house payment processor, direct connectivity to the UK's Faster Payments Service (FPS/RTGS) for real-time pay-ins and pay-outs, PSD2-compliant Strong Customer Authentication, 3D Secure, and integrated KYC/AML pipelines with biometric verification. The company holds PCI DSS and ISO/IEC 27001 certifications and safeguards customer funds in segregated accounts at Barclays Bank PLC and the Bank of England.

PFS serves three primary customer segments: UK Local Authorities, NHS trusts, Clinical Commissioning Groups, and other government bodies (150+ government clients using disbursement programmes for Direct Payments, Court of Protection funds, personal health budgets, and emergency funds); businesses requiring expense cards, payroll, earned wage access, and corporate spend controls; and individual cardholders (400k+ service users, 5.6M+ cards issued to date), including the under- and un-banked. Distribution combines direct enterprise sales with channel partnerships — notably preferred-supplier status on the NEPO and Crown Commercial Service procurement frameworks — alongside a broad white-label programme (Chip, Lyca, SWIFTOO, Avios, OPCS, Moneytrans, Mazlow, Vplus, Worldclearing, Minerva, Barclaycard Redemption) and consumer wallet integrations across Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, and Garmin Pay. Processing scale reached £2.2B and 19.7M+ transactions in 2023.

PFS monetises primarily through transaction and card-loading fees, card-to-card transfer fees (1.5%), monthly dormant account maintenance fees (£2.50/€2.50), card replacement and upgrade fees (£5 for the 'Plus' tier lifting load limits from £120 to £5,000), and programme management fees from B2B partners. As a fully owned subsidiary of ASX-listed EML Payments Limited, PFS sits within a multi-entity European group (including EML Money DAC, EML Payments (EU) Limited, EML Payments Europe Limited, Flex-e-card, EML Payments AB, and the 2017-acquired Spectre Technologies) that consolidates the parent's broader prepaid and payment-processing footprint. The company is not covered by the Financial Services Compensation Scheme and does not lend or pay interest on stored funds.

Name

Prepaid Financial Services Limited (PFS)

Legal name

Prepaid Financial Services Limited

Website

https://prepaidfinancialservices.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

101–250 employees

Short description

PFS is an FCA-authorised UK e-money institution (subsidiary of EML Payments) that issues prepaid Mastercard cards, virtual cards, and IBAN digital wallets, serving 150+ local authorities, NHS bodies, businesses, and 400k+ individual cardholders across multiple currencies.

Ownership category

akta.pro rank

Product category

Prepaid Card Services

NAICS

Credit Card Issuing (52221), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Finance Services (6199)

akta.pro primary industry

Open-Loop Prepaid Cards (Network-Branded) (FSAMANAA)

akta.pro secondary industries

Prepaid Card Program Managers & Issuers (BIN Sponsors) (FSAMANAK), Card Issuing Platforms (Issuer Processing) (FSAGABAD)

Keywords

• Prepaid card issuance
• E-money services
• Payment processing
• Government disbursements
• Corporate expense cards

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Transaction and Loading Fees: Fees charged on card loading, transactions, ATM withdrawals, and other payment activities. Card loading via debit card incurs fees. Transfers to other PFSL cardholders charged at 1.5%.
2. Monthly Account Maintenance Fees: Monthly dormant account maintenance fee of £2.50 for UK-issued cards and €2.50 for EEA-issued cards on expired or terminated cards/accounts.
3. Card Upgrade Fees: Upgrade fee of £5 to upgrade from standard PFSL card to PFSL 'Plus' card with higher loading limits (£5,000 vs £120).
4. Card Replacement Fees: Replacement fee charged when a card is lost or stolen.

Pricing tiers

Go-to-market motion2 records

Distribution channels9 records

Marketing channels5 records

Core offering

PFS issues prepaid Mastercard cards (physical, virtual, and contactless), digital e-wallet accounts, and IBAN accounts backed by a proprietary in-house payment processing platform. The company serves local authorities, central government bodies (including NHS), corporates, and individual cardholders across multiple currencies (GBP, EUR, USD, ZAR, AUD) and delivers both white-label program services and direct branded programs.

Product overview

Prepaid Financial Services Limited (PFSL) operates as an FCA-authorized e-money payments institution offering a unified platform of reloadable prepaid card and digital account solutions. The core offering spans physical prepaid Mastercard cards, virtual cards, and digital e-wallets with IBAN accounts — all powered by PFS's proprietary in-house payment processor and connected to the Faster Payments Service (FPS) for real-time pay-ins and pay-outs. The platform supports both individual/cardholder-facing products and white-label/branded program variants for partners and local authorities. Multiple branded card programs operate under the PFSL umbrella (Chip, Lyca, SWIFTOO, Mazlow, Barclaycard Redemption, Vplus, Avios, OPCS, Minerva Developments, Moneytrans, Worldclearing), alongside specialized solutions for local authority disbursements, earned wage access, and insurance payouts. The product portfolio is multi-currency, covering GBP, EUR, USD, ZAR, and AUD, with cards accepted globally at over 25 million Mastercard merchants and 1 million ATMs.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• 19.7M+ transactions processed annually
• +5 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

AI capability2 records

Feature8 records

Partnerships

Twelve partnerships are on record, tiered core and secondary.

• MastercardcoreTechnology or IntegrationPrincipal Member of Mastercard and Certified Mastercard Processor. Provides global card acceptance network with 25M+ merchant locations and 1M+ ATMs. Enables PFS to issue branded prepaid Mastercard cards with full transaction processing capabilities.
• Faster Payments Services (FPS)coreTechnology or IntegrationMember of RTGS (Faster Payments Services). Provides real-time payment infrastructure for UK pay-ins and pay-outs, enabling immediate fund transfers to cards and accounts.
• EML Payments LimitedcoreStrategic or Co-development PartnerPFSL is a fully owned subsidiary of EML Payments Limited. EML is a leading prepaid services company providing the parent infrastructure and strategic direction for PFS operations.
• Barclays Bank PLCcoreTechnology or IntegrationSafeguarded funds held at Barclays Bank PLC as part of regulatory requirements under Electronic Money Regulations 2011. Customer funds are segregated and held separately from PFSL's own funds.
• Bank of EnglandcoreTechnology or IntegrationSafeguarded funds may also be held at the Bank of England as permitted under Electronic Money Regulations 2011 for enhanced fund protection.
• Apple (Apple Pay)secondaryTechnology or IntegrationIntegration with Apple Pay allowing PFS cardholders to make contactless payments using compatible iOS mobile devices and Apple Watch.
• Google (Google Pay)secondaryTechnology or IntegrationIntegration with Google Pay allowing PFS cardholders to make contactless payments using compatible Android mobile devices.
• Samsung (Samsung Pay)secondaryTechnology or IntegrationIntegration with Samsung Pay allowing PFS cardholders to make contactless payments using compatible Samsung mobile and Gear devices.
• NEPO (North East Procurement Organisation)coreChannel Partner/ Reseller/ DistributorPreferred payments supplier on NEPO procurement framework for 5+ years. Enables local authorities in the North East and surrounding regions to procure PFS payment solutions through established government procurement channels.
• Crown Commercial Service (CCS)coreChannel Partner/ Reseller/ DistributorPreferred payments supplier on Crown Commercial Service framework for 5+ years. Enables UK government bodies and public sector organisations to procure PFS payment solutions through official government procurement channels.
• KYC and Identity Verification PartnerscoreTechnology or IntegrationThird-party identity verification and screening providers used for customer due diligence, fraud prevention, AML compliance, and regulatory Know Your Customer requirements.
• Fraud Prevention AgenciescoreTechnology or IntegrationPartnerships with fraud prevention bodies and organisations for sharing information to prevent fraud and money laundering as part of regulatory compliance obligations.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Stripe Issuing: Embedded card-issuing API from Stripe enabling businesses to create and manage virtual and physical cards. A direct competitor to PFS's programme-management and card-issuing platform, especially for fintechs needing prepaid infrastructure.
• Treezor: French EMI-acquired bank offering prepaid card issuance, BIN sponsorship and payment account services across Europe. Operates a similar regulated prepaid / BaaS model as PFS, often on Mastercard rails.
• Marqeta: US-listed card-issuing platform providing modern issuer processing APIs to fintechs and corporates. Competes with PFS's in-house processing capability and serves similar use cases (corporate expense, consumer programmes, disbursements).
• EML Payments Limited: Parent company of PFSL and a leading prepaid program manager listed on the ASX. Operates a similar prepaid card issuance and programme management model across multiple geographies (Australia, EU, UK), making it the most directly comparable peer.
• Contis (now Allium): UK-based prepaid card programme manager and BIN sponsor with strong UK and EU presence. Directly competes with PFS in prepaid card issuance, payment processing, and white-label programmes for banks and corporates.

Emerging players

• Soldo: UK-headquartered corporate prepaid card and expense management platform serving SMEs and enterprises. Overlaps with PFS's corporate expense, payroll, and embedded payments use cases across Europe.
• Pleo: Danish-headquartered corporate card and expense management provider with strong UK presence. Competes with PFS for corporate prepaid wallet share, especially in B2B expense and budget controls.
• Payhawk: European corporate cards, expense, and accounts payable platform operating in the UK. Overlaps with PFS's B2B expense management and corporate card use cases, although with a software-led rather than programme-manager model.

Broad incumbents

• Revolut: Large UK-headquartered digital bank with multi-currency prepaid card accounts, business expense cards, and disbursement features. Competes with PFS across consumer prepaid, corporate cards, and payment accounts in the UK and EEA.
• Wise (formerly TransferWise): UK-listed multi-currency payments platform offering consumer and business cards across multiple currencies. Overlaps with PFS's multi-currency (GBP/EUR/USD) prepaid card and digital account proposition.

Market position

Strengths1 record

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights1 record

Customer concentration

• LinkedInlinkedin.com/company/prepaid-financial-services
• Xx.com/prepaidfs

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Prepaid Financial Services Limited (PFS)