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CredEcard completes £2m financing; changes name to Contis

01 February 2010  |  4616 views  |  0 Source: CredEcard

CredEcard the fast growing e-payments and prepaid card company has announced the completion of its £2m financing round designed to allow it to extend its business internationally.

To accommodate its new objectives credEcard will be re-named as Contis Cards Solutions and Contis Technologies Ltd.

This 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.

Overseeing these developments is the Group's new Chief Executive Officer, Barry Fergus

Barry Fergus has an impressive record. He was previously Head of Global Cards for Standard Bank of South Africa and prior to that Managing Director of Barclaycard International.

Barry has also been a board member for both Visa and MasterCard so has a very clear insight into the current direction of the payments industry and the opportunities from a global perspective.

The re-branding and personnel changes at Contis are just the start of the planned developments taking place over the coming months.

Contis has two major "White Label" initiatives about to launch, The ONYX Card this program will focus on the new to banking and payroll sectors and Kube Card who will focus on applications around the Cloud Computing industry for pay as you g go computing solutions in the Corporate and retail markets globally. We expect these programs 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. This is a prepaid product linked to pay day loans via the internet.

"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" said Barry Fergus "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".

Contis Technologies has its own specialist development centre in India. So offers speedy and cost effective development of bespoke solutions designed to meet clients' needs.

Commenting on the changes at Contis Group, Peter J Cox the Group's Chairman 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".

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