Navan fintech PFS granted e-money licence by Ireland’s Central Bank

11 Apr 2019540 Views

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Central Bank of Ireland in Dublin. Image: Klodien/Depositphotos

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Granting of fintech licence makes one of Ireland’s largest issuers of payment cards Brexit-ready.

Meath-headquartered fintech Prepaid Financial Services (PFS) has been granted an e-money licence by the Central Bank of Ireland.

The new licence will enable PFS to operate as usual across the European Economic Area post-Brexit.

‘It ensures that no matter what happens with regards to Brexit, our business is prepared for all scenarios, and there will be no impact to our customers and partners’
– NOEL MORAN

The company is also licensed by UK regulator the Financial Conduct Authority and has described the new Irish licence as a significant boost.

Fintech innovation

Founded by Navan native Noel Moran, PFS is an innovator in the fintech space and is targeting growth in the areas of mobile payments and wearables.

PFS is one of Europe’s largest e-money issuers and is active in 25 countries and across 23 currencies. It operates an agile innovation hub in Ireland as well as a technology centre in Malta.

“The future looks even brighter now for PFS with this announcement,” Moran said, commenting on the new e-money licence.

“It ensures that no matter what happens with regards to Brexit, our business is prepared for all scenarios, and there will be no impact to our customers and partners. We look forward to enjoying an excellent working relationship with the Central Bank of Ireland in the years to come.”

Before founding PFS in 2008, Moran worked with many stalwarts of the banking scene in Ireland and the UK, including Permanent TSB, AIB, Lloyds Bank and Royal Bank of Scotland. He continues to capitalise on the fintech revolution, with expertise in areas including e-wallets and IBAN accounts. PFS has offices in Ireland, the UK and Malta, and is working towards an IPO this year.

In March the company announced plans to create 50 new jobs in Navan and London.

Central Bank of Ireland in Dublin. Image: Klodien/Depositphotos

John Kennedy is an award-winning technology journalist who served as editor of Siliconrepublic.com for 17 years.

editorial@siliconrepublic.com