Following the acquisition by Emerchants Ltd (ASX: EML) in December 2014, StoreFinancial Services UK Limited (SFUK) has started the transition to trading as Emerchants Europe and has begun offering the Emerchants suite of products in the European market. In order to offer these products they have entered into a new BIN sponsorship agreement with a subsidiary of The Bancorp, Inc. (NASDAQ: TBBK).
Emerchants prepaid products will be issued through The Bancorp’s subsidiary, Transact Payments Limited, a regulated and authorized e-money licensee by the Gibraltar Financial Services Commission and a principal member of both Mastercard and Visa Europe. The agreement will enable Emerchants to leverage their e-money issuing capabilities across all EU member states and support the growth of the Emerchants prepaid debit business into the European marketplace.
Tom Cregan, Managing Director and Chief Executive Officer at Emerchants said: “The acquisition of SFUK enabled us to acquire a profitable and growing prepaid business with experience in multiple European markets and an experienced management team capable of growing the core business and leading the transition to focus on prepaid debit programs. We identified The Bancorp as our preferred European partner, and we have been working with their team to execute this agreement, which will see us be in a position to launch programs in the near term. We couldn’t be happier with the discussions we have had with them and we look forward to a mutually beneficial relationship in the years to come”.
The Bancorp is delighted to have established this partnership with such a successful and fast growing payments company.
Kriya Patel, Managing Director of The Bancorp’s European operations, added, “The Bancorp is delighted to have established this partnership with such a successful and fast growing payments company. We have known the team at StoreFinancial Services UK Limited (SFUK) for a number of years and look forward to developing prepaid solutions with them in the future under the new brand, Emerchants Europe. This relationship cements an excellent period of growth for The Bancorp’s European operations and further supports our plans to be the premier BIN Sponsorship partner in the payment sector.”