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Prepaid Financial Services Announces Acquisition of FinTech Software Development Specialists

March 7, 2017         By: Payment Week

Prepaid Financial Services Limited (PFS), an established e-money issuer and alternative banking provider today announced the acquisition of Spectre Technologies Limited (STL), a Malta-based software development company with a long history of providing bespoke software to the financial services, payments, and FinTech industries.

As a market leader in middleware solutions for the prepaid industry, Spectre Technologies has worked closely with PFS to develop e-wallets, FX systems, mobile apps, and loading networks. This acquisition accelerates PFS’s ability to deploy new financial products and enhances the existing services for the benefit of its customers.

Len Busuttil, CEO, Spectre IT said: “We have worked with PFS since its inception and look forward to further cementing our working relationship through this acquisition. Our team of more than 45 technical staff will provide additional support in building innovative solutions, as well as acting in an advisory role to organisations when launching new products and services to the market”.

Noel Moran, CEO, Prepaid Financial Services said: “This acquisition is indicative of PFS’s commitment to innovation, which centres on providing alternative banking solutions to our clients and their end users. Our partnership with STL will allow us to accelerate the delivery of products and programmes to meet their needs in even shorter timeframes than we do today.

“The partnership will also enable PFS to provide white-label mobile payments solutions, such as Apple Pay, Samsung Pay and Android Pay to our new and existing clients and wallet partners, giving them access to our IBAN and SEPA payments solution throughout Europe, thus enhancing their value proposition. This cross-border mobile payment solution will be a major benefit for clients, regardless of whether they are a bank, a mobile operator, or a fintech startup.

“PFS has worked closely with the team at Spectre Technologies for a number of years and has always been impressed with how quickly they are able to build bespoke payment infrastructure and programmes for our clients. This acquisition will further solidify our position as one of the leading payments providers in Europe; with our technology platform and our ability to innovate, we are now even better equipped to cater to the needs of our clients in today’s fast changing payment and software landscape.”