The contract with Think Money Group will see Raphaels Bank Card Services manage the debit card element of the thinkmoney Personal Account.

The thinkmoney Personal Account was created to help people who need extra help with their budgeting manage their money better and now has over 100,000 customers with over £1bn transaction value conducted on the prepaid debit card programme each year. The account has been granted a Four Star Mark by the Fairbanking Foundation as a service that helps people improve their financial wellbeing.

Steve Muirhead, Head of Operations at thinkmoney said: "the thinkmoney card is central to our proposition, enabling individuals to enjoy the convenience of debit card payments without the risk of going overdrawn. Raphaels Bank Card Services not only has the proven experience and expertise in managing prepaid debit card programmes but shares our commitment to delivering high levels of customer care. We were also impressed with their agility and responsiveness. We look forward to developing our card programme, capitalising on the expertise that the team at Raphaels Bank brings."

Andy Downes, General Manager, Card Services at Raphaels Bank adds: "This contract is a major coup for Raphaels Bank Card Services, firmly putting us at the forefront of this sector as a trusted prepaid Issuer. We are delighted to have won this contract and plan to deliver outstanding service to thinkmoney and its 100,000 customers."