CredEcard rebrands after completing £2m financing round
New Group CEO to oversee international prepaid expansion
e-payments and prepaid card company creEcard has completed a £2m financing round designed to allow it to extend its business internationally.
The UK-based company says that to accommodate its new objectives credEcard will be re-named as Contis Cards Solutions and Contis Technologies Ltd.
The developments will be overseen by the Group’s new CEO Barry Fergus, who was previously head of global cards for Standard Bank of South Africa and prior to that MD of Barclaycard International.
The change in branding to two names reflects that the business has a series of different revenue streams and commercial relationships plus confirms its move from a B2C company to a pure B2B enterprise.
Contis Card Solutions is the Group’s new financial services division, which delivers “White Label” prepaid card and internet banking solutions on behalf of major brands internationally. Contis Card Solutions takes care of the end to end delivery and management of programs in conjunction with various financial institutional partners. Contis Card Solutions already has contracts with LloydsTSB Commercial Finance for its payroll solutions; together with number of other well know organisations requiring “white label” payment solutions.
Contis Technologies Ltd owns the technology and processing capabilities of the group plus licenses its technology to financial institutions or other parties who do not require a fully managed financial solution, but just the backbone technology.
Barry Fergus, who has also been a board member for both Visa and MasterCard, commented : “The strength of the Contis offering is not just the brand and an excellent team, but our unique ability to link e-money prepaid card accounts to an internet banking platform.
“This allows card holders to enjoy all the benefits of online banking linked to a Visa or MasterCard prepaid card account, thus affording bill payment, money receipt or international payments via SWIFT and the global bank networks as well as card payments or cash withdrawals around the world”.
Commenting on the changes at Contis Group, the Group’s chairman Peter Cox said: “Contis has quietly been developing its strength and capabilities over the last five years and will now start to demonstrate to the financial world its capabilities that will ensure its future market leadership.
“The appointment of Barry Fergus as Group CEO reflects our ambition to build a major payments company backed by excellent, technology, skills, investors and strong global partners”.
Contis has two major “White Label” initiatives about to launch, The ONYX Card (www.theonyxcard.com) program will focus on the new to banking and payroll sectors, while Kube Card (www.kubecard.com) will centre on applications around the Cloud Computing industry for pay as you go computing solutions in the Corporate and retail markets globally.
The company said it expects these programmes will place the Contis platform as the number one provider of prepaid card solutions for high value transactions in the UK and Europe.
Contis has also just launched the Speed-e-card (www.speed-e-card.com), a prepaid product linked to pay day loans via the internet.