July 6, 2016
PCT Management secures a €12 million investment from European private equity firm to further accelerate its growth through additional investment in its digital & payment platform and an expansion of sales and marketing capability.
LONDON, July 6, 2016 – Payment Card Technologies (PCT) today announced a management buyout supported by a €12 million investment from a European private equity firm. The transaction provides the company with significant growth development capital and a strong debt-free balance sheet for further expansion both in Europe and Internationally.
PCT is a multi-award winning business to business provider of digital banking & payments products and services to major blue chip organisations, delivering a suite of banking & payment capabilities by virtue of its digital technology platforms and its industry-leading customer services. PCT has grown rapidly in each of its target market verticals of digital banking, retail payments and commercial payments.
Ian Clowes, Founder & CEO of Payment Card Technologies, said, PCT is delighted to announce the MBO which allows the company to further invest in our technology platforms, service capability and skill base. We are particularly pleased with our new funding partner based in Ireland, who share our vision to create a fast growing FinTech business focused on delivering world-class digital banking & payment propositions. I would like to take this opportunity to thank our previous shareholders, Lenlyn Group for their strong support over the past few years that has allowed the company to invest and grow.
Peter Ibbetson, Chairman of Lenlyn Holdings, said, "We are pleased to have been able to support PCT in its growth so far, and we wish the management well as they embark on this new phase of development."
PCT is a London-based FinTech company that specializes in providing digital banking & payment platforms and services to many of the world's leading companies and government organizations. A business-to-business provider, PCT focuses on working with organizations that want to deliver world-class digital and card-based financial services to their customers. PCT provides digital platforms that combine both card-based and banking payment services into customer accounts that can be accessed via the Web, mobile devices, ATM and branches. Adopting a ‘mobile-first’ approach, PCT seamlessly integrates card and mobile-based payment devices into a single holistic customer experience.