Payments technology firm Prepaid Financial Services (PFS) has acquired the prepaid card portfolio of Barclaycard in the UK.

PFS, which employs 134 people in Navan, will merger the portfolio onto its own platform as of 31 January 2019.

Financial details regarding the deal were not disclosed.

Noel Moran, CEO of PFS said: “We had been in discussion with Barclays regarding their physical prepaid cards and looking at opportunities to work together. In January, we agreed a deal whereby PFS acquired Barclays’ portfolio and would work with Barclays to migrate clients off the existing prepaid platform and over to PFS.”

“The deal will enable PFS to offer an enhanced service to existing and future payroll and corporate clients,” Mr Moran added.

Last year, PFS started to consider a stock market flotation after pre-tax profits hit £4.3m (€4.8m) in 2017 and revenue climbed to £45m (€50.5m).

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