PPS

What PPS does

PPS, commercially operating as Edenred Payment Solutions, is a UK-based API-first embedded finance and Banking-as-a-Service platform that enables non-financial businesses to integrate payments, e-money accounts, card issuance, and processing into their own products. The company serves fintechs and digital banks, insurers, retailers, travel companies, and SaaS providers across the UK and EU/EEA. PPS is a wholly-owned subsidiary of Edenred, the French-listed employee benefits and payments group, and operates from a headquarters in Swindon, UK, with a parallel regulated entity, PPS EU SA, in Brussels. Documented customers include Monese, Countingup, Sprive, Hnry, thinkmoney, ViaBill, PayByPhone, WonderDays, Ayruu, Qileo, and Sainsbury's, alongside group-channel brands such as TUI, New Look, and Sonae.

The core platform combines an in-house transaction processing engine with 24/7 availability and a documented 99.99% uptime record, a Delegated Authorisation layer that allows partner teams to intervene on transactions before settlement, and a lean funding model that allocates funds at settlement rather than through prefunded balances. PPS is an E-money Institution regulated by both the UK Financial Conduct Authority (registration number 900010) and the National Bank of Belgium, and is a Principal Member of Mastercard alongside being a licensed Visa issuer, enabling direct issuance of branded debit, prepaid, credit, and virtual cards. The platform issues unique Virtual Card Numbers (VCNs) per transaction or claim with configurable Merchant Category Code (MCC) filtering, spending limits, validity windows, and digital wallet tokenisation for Apple Pay and Google Pay. Compliance infrastructure covers PCI DSS, 3D Secure, Strong Customer Authentication, and transaction monitoring through integrated KYC and PEP/sanctions providers such as LSEG World Check and TransUnion.

Revenue is generated from a mix of per-transaction processing and interchange-related fees, card programme and issuing fees, and platform subscription or BIN-sponsorship charges under quote-based enterprise contracts (no public pricing). Go-to-market is direct enterprise sales with dedicated vertical pages in Insurance (claims disbursement), Retail (gift card and voucher programmes), Fintech/Digital Banking (current accounts and e-money), Travel (B2B supplier payments and expense), and the newer SaaS Embedded Finance category. The company processes over €35bn in transaction value annually and reports 500+ in-house payment experts; pricing is custom and contractually negotiated per partner scope and volume.

Name

PPS

Legal name

PrePay Technologies Ltd.

Website

https://eps.edenred.com

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

251–500 employees

Short description

PPS, trading as Edenred Payment Solutions, is a UK-headquartered API-first embedded finance and Banking-as-a-Service platform enabling fintechs, digital banks, insurers, retailers, travel firms, and SaaS providers to embed payments, card issuance, and e-money account services under FCA and EU regulation.

Ownership category

akta.pro rank

Product category

Embedded Finance / Payment Infrastructure

NAICS

Credit Card Issuing (522210), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Finance Services (6199)

akta.pro primary industry

A2A Payment Initiation Service Providers (PISPs) (FSAMAFAB)

Keywords

• Embedded finance platform
• Card issuing services
• Banking-as-a-service
• Payment processing infrastructure
• E-money account services

Headquarters

HQ city

Swindon

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. BaaS/Embedded Finance Platform Fees: Provides banking-as-a-service infrastructure enabling non-financial businesses to embed payment and card issuing capabilities. Revenue derived from licensing, processing fees, and platform access charges to enterprise partners.
2. Card Issuing Services: Virtual and physical card issuance services including prepaid, debit, and credit card programs for fintechs, retailers, and corporate clients.
3. Payment Processing: Transaction processing, clearing and settlement services for card and payment flows with 24/7 availability.
4. Gift Card Programs: Closed-loop gift voucher and card processing for retail partners, including brand customisation and network access.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

PPS (Edenred Payment Solutions) is an API-first embedded finance and Banking-as-a-Service platform that enables businesses to integrate payment processing, virtual and physical card issuing, and e-money account capabilities via APIs. The platform operates an in-house processing engine with 24/7 availability and is dual-regulated as an e-money institution by the UK Financial Conduct Authority and the National Bank of Belgium, supporting partners across insurance, retail, fintech, travel, and SaaS verticals.

Product overview

Edenred Payment Solutions operates as an embedded finance and Banking-as-a-Service platform providing a modular suite of payment and card solutions. The core offerings include Accounts & Payments (e-money accounts with UK/EU coverage), Card Issuing (virtual and physical cards), Processing (in-house payment processing with 24/7 availability), and Complementary Services (anti-fraud, compliance support). These are accessed via an API-first infrastructure and portal dashboard, enabling partners to embed financial services. The platform integrates with Mastercard and Visa card schemes, supports Apple Pay and Google Pay digital wallets, and is used by digital banks, fintechs, insurers, travel companies, and retailers.

Differentiator

Problem solved

Functional benefit

Products and services

• Accounts & Payments E-money account solutions enabling users to send, receive, and hold funds with compliance across UK and EU jurisdictions. Provides UK Sort Code and Account Numbers, EU IBAN, and access to payment schemes for B2B partners serving end users.
• Card Issuing Virtual and physical card issuance services supporting prepaid, debit, and credit cards with configurable spending limits, spending controls, and 3DS-compliant payments. Includes tokenisation for digital wallet integrations. Issued under Mastercard and Visa schemes via Mastercard Principal Membership.
• Processing In-house payment processing platform handling card and payment flows with high-volume processing, clearing and settlement, and 24/7 availability. Features real-time delegated authorisation and lean funding model.
• Complementary Services Technical, regulatory, and product support services including anti-fraud services, compliance management, licensing support, and BIN sponsorship to help launch and manage payment programs.
• Embedded Finance Solutions Banking-as-a-Service platform enabling non-financial businesses to embed payment, card issuing, and e-money account services directly into their digital ecosystems via API integration.
• Gift Card Program Omnichannel gift card programs powered by in-house processor with access to wide network of distributors and resellers including Edenred portfolio. Supports closed-loop gift vouchers and branded gift cards for retail partners.
• Insurance Solutions Virtual card-based claims disbursement solutions for insurance companies including instant virtual card issuance at point of claim approval, configurable MCC filtering, and automated reconciliation through unique VCNs per claim.

Quantifiable outcome

• 99.99% platform uptime
• +2 more outcomes

Named customers11 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

AI capability3 records

Feature7 records

Partnerships

One partnership is on record.

• MastercardcoreTechnology or IntegrationPrincipal member of Mastercard enabling direct card issuance under Mastercard scheme. Partners receive branded Mastercard and Visa virtual and physical cards with full network acceptance and digital wallet integration capabilities.

Scale indicators9 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Paymentology: Cloud-native card issuing and processing platform targeting fintechs, banks and corporates across emerging markets. Closely comparable in the card issuing and processing layer of the stack, with overlapping target customer segments.
• Banking Circle: European payments and banking-as-a-service provider offering accounts, card issuing and payment processing to fintechs and corporates. Comparable regulatory profile (EU licensed) and target customer segments in fintech and B2B payments.
• Marqeta: Publicly listed card-issuing and BaaS platform enabling fintechs and enterprises to issue physical and virtual cards via API. Closest direct competitor to PPS's card issuing and processing business, with overlapping verticals in fintech and embedded finance.
• Solaris SE: Berlin-based Banking-as-a-Service platform with EU EMI and full banking licence, offering account, card, lending and payments infrastructure via API. Directly comparable European BaaS competitor with similar regulatory profile and target verticals.
• Modulr: UK FCA-regulated payments and BaaS platform offering accounts, card issuing and payment processing APIs. Direct competitor in the UK/EEA embedded finance market with comparable regulatory positioning and fintech customer base.
• Galileo Financial Technologies (SoFi): Payments processing and card-issuing platform owned by SoFi, powering neobanks and fintech programs globally. Direct competitor in the BaaS processing and card-issuing layer, with stronger US presence.
• Treezor (Swan): European BaaS provider (formerly Treezor, now Swan) offering regulated accounts, card issuing and payments APIs. Direct competitor in the French/EU embedded finance market with comparable licensing footprint and fintech customer base.

Broad incumbents

• Stripe Issuing: Stripe's card-issuing and embedded finance product line sits inside Stripe's broader payments and financial infrastructure platform. Competes with PPS for fintech and SaaS-platform card-issuing mandates, with the advantage of Stripe's global developer ecosystem.
• Adyen: Global payments platform offering unified processing, acquiring and increasingly card-issuing capabilities. Overlaps with PPS's processing, acquiring and embedded finance value proposition, particularly for large enterprise merchants and platforms.
• Checkout.com: Global payments processor providing acquiring, issuing and embedded finance infrastructure for enterprise merchants and platforms. Overlaps with PPS in processing, card issuing and embedded finance, with broader geographic reach.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/prepay-solutions
• Xx.com/PPS_er

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about PPS