Transaction

Affinity Cards Announcement

Meta Corporate Finance announces the completion of the second round financing of First Prepay, the market leader in pre-paid debit cards in the UK.

First Prepay, founded by Mark Kennedy and Howard Gibbs, turned to Meta to assist them in a further finance raising for First Prepay by which Simon Ware Lane Investors converted a loan of £0.5m and invested new funds of £2.5m, funded the further development of key Affinity Cards relationships for First Prepay. The funding round was on the basis of a pre-money valuation of £14.5m, only two years after the business was founded.

Mark Kennedy, CEO of First Prepay, said, “We are grateful for Meta’s assistance in this process. This will enable us to progress our major contracts and relationships and position the company for a further institutional fund raising later in the year.”

Client:

Affinity Cards

Service:

Capital Raising

Region:

Sector:

Professional and Financial Services

META Project Lead

Mark Ledger-Beadell

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