Private foreign exchange company Lenlyn Holdings has acquired the majority stake in Payment Cards Technologies (PCT), a reloadable prepaid card provider.
Lenlyn, a parent of Raphaels Bank, is already a major player in the Bureau de Change market, with its currency exchange retailer International Currency Exchange (ICE) reporting a combined turnover of USD1.8bn. The foreign exchange marketplace is being reshaped by reloadable prepaid cards and this deal represents Lenlyn’s acknowledgment of this emerging cashless payment platform.
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Firoz Tejani, Lenlyn chief executive, said: "As a global financial services Group, Lenlyn is on a long-term strategy of diversification from its original and still highly successful Bureau de Change business and we see expanding our role in prepaid cards as the next logical and exciting step in this process."
According to a Research and Markets report travel and foreign exchange cards represent a prepaid market opportunity of EUR2.84bn (USD3.68bn) annual load value across 28 European destination countries and 15 different currencies.
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