Ffrees taps Contis for money management and card platform

Source: Contis Group

Contis Group, one of Europe's leading e-money institutions, has empowered Ffrees to reinvent UK consumer financial services, through the provision of a fully managed, integrated current account with a Visa debit card and loyalty and rewards programme.

By utilising Contis' end-to-end service capabilities and next generation Visa e-money platform, Ffrees has launched a complete reinvention of the current account, enabling families to save as they spend, avoid exorbitant bank charges and take advantage of a variety of innovative money management tools that are available via their online account facility. Since the launch of its new products in October 2013, Ffrees has attracted more than 20,000 customers to its services and continues to issue new accounts at a rate of 200 a day.

Ffrees targets customers that are acknowledged to be unprofitable for the banks and who, as a consequence, often get poor service and value from them. The Ffrees account is available regardless of social or financial status and helps customers build up savings in a separate account by rewarding them for using the Ffrees network of over 1,000 retail and financial services providers. It also offers free services, such as the Ffrees Money Manager, which lets customers create separate "Envelopes" to help control the family budget and put money aside for regular bills.

"Ffrees is a perfect example of what can be achieved with Contis' next generation e-money platform and Visa issuance services," comments Mike Fromant, Managing Director Contis Group. "Thousands of consumers are now managing their money more effectively, and making it work harder for them through integrated loyalty and rewards. Contis is all about providing agility and flexibility in financial services. As a Principal member of Visa, we are able to provide a much wider range of services than most e-money institutions, including BIN sponsorship, card issuance, payment processing and programme management. Ffrees has recognised the benefits of working with Contis as a complete end-to-end partner and we are delighted to have a hand in their success.

Peter Simpson, Commercial Director, Ffrees, adds, "Our goal is to make simple, effective money management servicces available to everyone, helping them save. We believe that the market needs not only new players but different ideas. We chose Contis as our platform provider as they offered us an array of integrated money management and account services which mean we can offer our customers something truly fresh."

Ffrees joins a long list of high profile brands served by the Contis Group, including Virgin, Pizza Express, airBaltic and Empire Cinemas. As a result of these wins, together with the growing popularity of its own credEcard product, the Contis Group has expanded its annualised monthly recurring revenue at a compound annual growth rate of 202% between June 2012 and March 2014. The total number of accounts operating on Contis' platform has increased by 385% between June 2013 and March 2014, and the number of monthly prepaid transactions has rocketed by 339% over the same period, illustrating the market's appetite for the Contis service model. Further revenue growth of 147% is anticipated for financial year 2015. 

Comments: (0)