'Navan's loss is Trim's gain' as PFS expands
PREPAID Financial Services (PFS) says it plans to invest €50m in a new Irish base and fintech cluster in Co Meath.
The Irish division of the electronic payments company, currently located in the IDA business park in Navan, says its 143 staff will relocate within weeks to a new three-storey, 16,000 sq ft (1,486 sq m) office block in the Scurlockstown Business Park east of Trim.
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PFS says it will recruit 50 more software developers and IT staff by the end of the year, and expects within the coming three years to expand its Irish workforce above 500.
CEO Noel Moran said PFS needed more space to expand but faced planning difficulties at its intended Navan development site. He said the new Trim location was suited for building more office blocks to house a cluster of fintech firms. He said the site could easily accommodate 750 workers from several companies.
"Our best efforts to remain in Navan didn't materialise due to a lack of suitable office space for our numbers. Issues that arose with planning prevented us from progressing the development on Abbey Road," Mr Moran said.
"However, Navan's loss is Trim's gain and, due to rapid growth, we push on with a new development plan."
He said PFS - which is headquartered in London with branch offices in Cheshire and Malta - would invest "around €50m into a new, sleek, modern fintech hub" that would house the Meath expansion both of the firm and Mr Moran's more recent startup, eComm Merchant Solutions.
"As a Meath man, I am proud to be creating more jobs in the region," said Mr Moran, who founded PFS in 2008 and owns 65pc of the firm today.
The company provides electronic payment products, including e-currencies and virtual and physical prepaid cards, as well as e-commerce tech support, in more than two dozen countries. Its Irish unit last year reported €7.2m in profits from €64.75m of sales.