Increased funding for prepaid card provider
UK prepaid card programme provider Tuxedo Money Solutions says it has raised £17m from a funding round with all its major shareholders participating.
David Dey, chairman of Tuxedo, said the funding would enable the company to expand its business substantially in 2009.
He added: “Results for the final quarter are ahead of budget and several major wins in both markets have added even greater value to the company. ”This has given the shareholders confidence to invest substantial additional funds in Tuxedo. The outlook is certainly very positive.”
The Tall Group of Companies, a UK provider of special cheques, credits, secure encoded document solutions and streamlined payment systems, has partnered with Tuxedo to offer prepaid card products and services to its 30 000 corporate clients.
Recently Tuxedo completed exclusive agreements to provide its eccount and prepaid card service to over 500 of the world’s Super Yachts for expenses and staff payroll. In December it also launched a prepaid card-based reward programme for 4,000 distributors of a major global mobile network.
This month Tuxedo will add an additional 3,000 qualifying stores, including Spar and Co-op Group outlets, to the 6,500 retail sales distribution points already selling its MasterCard Prepaid Card retail pack.