Affinity Cards

Further to the initial fund raising round in November 2006, Meta Corporate Finance today 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 Card relationships for First Prepay. The funding round was on the basis of a pre-money relation 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”.

Martin Savage, non-executive director of First Prepay said: “I needed to draw on Meta's experience to ensure that Simon Ware Lane’s further investment was made based on a robust financial analysis of the short term future of First Prepay and would properly accelerate the creation of shareholder value."

 

Advisers:

• Meta Corporate Finance: Mark Ledger-Beadell and Willem du Rand
• Simon Ware Lane Investors : Martin Savage

 

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