Australia's EML expands in Europe with Prepaid Financial Services deal

EML has agreed to pay £226 million (US$290 million) to acquire Prepaid Financial Services, one of Europe’s largest e-money issuers.

The deal calls for the Brisbane-based EML Payments to acquire 100% of PFS’ stock, according to a press release. Noel Moran, who started the company in 2008 in Ireland, owns the majority of PFS' stock.

PFS recently has discussed expansion and early this year the company acquired Barclays’ U.K. prepaid card portfolio for an undisclosed sum. PFS, which employs about 140 people, provides e-wallets, physical and virtual cards in 25 countries, with operations in London, Manchester and Malta.

“I look forward to working with the EML team and cross-selling our expanded payment solutions over a global footprint,” said Moran in the release.

“PFS is highly complimentary to EML’s existing solutions suite and adds digital banking and multi-currency offerings to our existing suite,” added Tom Cregan, EML’s managing director and group CEO.