Prepaid Financial Services (PFS) has closed its acquisition by EML payments.

The deal, which was finalised by financial regulators in the UK and Ireland this morning, creates one of the largest prepaid FinTech enabling companies globally.

The terms of the original deal worked out in November 2019 were renegotiated in recent weeks due to the Coronavirus outbreak.

PFS specialises in payment technology solutions, including eWallets, physical and virtual prepaid cards in the UK and Eurozone.

EML processes payments for gifts, incentives and rewards, and supplier payments across mobile, virtual and physical card solutions.

Noel Moran, chief executive at PFS, said: "Our original deal was on track to close, until recent weeks, when COVID-19 started to have an impact on global stock markets - with share prices plummeting around the world, the value of FinTechs was similarly affected.

“Luckily, we had built a solid, profitable business over the past 12 years thanks to the dedication of our entire team," he continued. "In light of the current worldwide business reality, I believe we have achieved a great result for everyone involved."

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