FAO: News/Business Editor 15 June 2006 For Immediate Release
LINK acquires 17% stake in PrePay Technologies
Link Interchange Network Limited (LINK), operator of the UK cash machine network, has acquired a 17% stake in PrePay Technologies Limited (PPT), the market leader in stored value card programmes for major High Street retailers in the UK and the company behind the 360money prepaid cash account.
The investment will give Avantra, LINK’s commercial outsourcing division, access to PPT’s leading-edge expertise and experience in the prepaid cards market, enabling LINK to expand its business and provide additional capital and other resources to PPT. Under the agreement, PrePay Technologies’ proven technical platform and support will be used to create end to end card programmes, which will be marketed to financial institutions and local authorities. Prepayment enables cash value to be stored on a card account providing a way to make payments for goods and services or withdraw cash. As cardholders can only spend up to the value of the cash on the card there is no risk of going overdrawn. For this reason, prepayment has a wide and increasing range of practical consumer and business applications, from retail gift to corporate incentive cards, travel cards, money transmission cards, benefit payment cards and youth-oriented cash cards. Steve Smith, Managing Director, Avantra said, “This is an exciting venture for Avantra which further enhances our payments products portfolio. We chose to invest in PrePay
Technologies because of its existing presence in the fast-growing prepaid cards market, expertise and track record of delivering programmes to big brands such as Debenhams, Western Union, Arcadia, Laura Ashley and Comet. He added, “The synergy between LINK, and PrePay Technologies creates a strong partnership that is ideally positioned to support customers wishing to issue prepaid cards in financial services and the public sector.” Philippe Dufour, CEO, PrePay Technologies said, “There is a great deal of common ground between LINK, and PPT. Together with our existing shareholders, GE Capital, GRP Partners and Arts Alliance, we will extend our business into new markets such as local government and the financial services industry, where LINK and Avantra have a strong heritage. “Customer adoption of prepaid cards is growing as they embrace the ease of use and simplicity of the cards. We are confident that the success we have achieved in the retail and youth markets will be replicated in other areas through our partnership with LINK and Avantra.”
FAO: News/Business Editor 15 June 2006 For Immediate Release
As well as providing opportunities for collaboration at the operational level, LINK will be entitled to a seat on the Board of PPT. The value of the investment made by LINK is not being disclosed. - Ends Notes to News Editors: ► About PrePay Technologies Ltd PrePay Technologies Ltd. is an international market leader in designing and delivering storedvalue card solutions, including prepaid debit cards, retail gift cards, corporate incentive cards and insurance claim cards. From its data centres in the UK, the company creates stored-value programmes and manages several million stored-value card accounts for large brands such as Debenhams, Comet, Arcadia Group (Top Shop, Top Man, Burton, Miss Selfridge, Outfit, Evans, Dorothy Perkins, Wallis), Laura Ashley, Western Union and the Grass Roots Group. MasterCard certified and FSA regulated, PrePay Technologies was also the first company in the UK to acquire an Electronic Money Licence to issue e-money across Europe. PrePay Technologies Limited is a privately held venture, with investors and strategic partners including GE Capital, (www.gecapital.com), GRP Partners (www.grpvc.com), Arts Alliance (www.artsalliance.com) and the LINK (www.link.co.uk). For further information please contact: Amit Sharma Corporate Marketing Manager Website: www.prepaytec.com Tel: +44 (0) 207 0344 344 E-mail: amit.sharma@prepaytec.com
► About Link/AVANTRA LINK's core business involves the provision of real time ATM switching and settlement services to its owners and other members of the LINK ATM Scheme. LINK has built its reputation and impact over the last 20 years, and has earned a place as part of the UK's Critical National Infrastructure. The LINK ATM Scheme brings together 105 million card holders and over 58,000 ATMs in the UK and provides a 24-hour, 365-days a year, real time, fully authorised transaction processing and settlement service. LINK has recently been appointed by APACS and the OFT to provide 'real time' processing for the banking industry's Faster Payments Service. This solution, developed in partnership with Voca, will be delivered by November 2007 and accelerate payments clearing cycles. The initial scope includes direct credit payments originated through the internet or telephone banking.
FAO: News/Business Editor 15 June 2006 For Immediate Release
In addition to managing the core UK ATM switching service, LINK provides a targeted portfolio set of payments products, predominantly through its outsourcing company Avantra. Key services include ATM outsourcing, network banking for Post Office Counters Limited, mobile phone top up via ATM’s and prepaid card issuing. For further information please contact:
LINK Contact Kathryn Hughes, Peter Fitzpatrick HBL Media Tel: 020 7612 1830 Mob: 07801 823 839 /07814 037 887 E-mail:kathryn@hblmedia.com peter@hblmedia.com Avantra Contact George Donovan Tel: 01423 356284
Website: Website:
www.link.co.uk www.avantraltd.co.uk