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Date Posted: 15th April 2009
Spectrum Financial Group, the provider of cardonebanking, the managed banking service and
affinity based prepaid MasterCard® cards are making some much needed positive headlines
for the financial sector.
The group announced today the securing of significant investment via a multi million pound
equity and debt finance package with a private consortium against a back drop of reports
showing a reduction in such initiatives.
A key member of the private consortium is Fred Done, the founder and chairman of the worlds
biggest independent bookmaker Betfred.
“Having Fred on board is great news, an investor with sound knowledge of business development
is a real plus. The appetite for prepaid debit cards and managed banking products in particular are
showing exceptional growth. With this investment now in place we are perfectly positioned to
deliver the required services and a ‘must have’ proposition to potential customers.”
Founded in 2007 and based in Chester, Spectrum Financial Group is a leading money card
provider specialising in the prepay sector. SFG leads the sector in payment technology
and marketing innovation.
Commenting on his investment Fred Done said:
“This is a private investment for me, however I see great potential for the business within
the gaming industry. I hope my knowledge and experience in developing a strong high street
brand will be of benefit to Adam and his team.”
cardonebanking is better than a basic bank account, in that there is a Prepaid MasterCard®
Card provided and there are no ‘bounced’ payment fees.
Adam Rigler adds:
“The OFT recently highlighted the need for the transparency in fee charging on bank
accounts. This is exactly what our product provides.”
Date Posted: 2nd April 2009
As the third brand to take on the CardOneBanking system, Creditflex is provided by Debt
Matters as their answer to customers who cannot get a bank account. Boasting “no credit
checks”, the Creditflex brand is a much needed relief to Debt Matters’ customers who may
already have a debt management plan or IVA in place and cannot get a bank account elsewhere.
Creditflex is set to launch mid-April, and will be a fully branded banking product,
designed by our in house design team Spectrum Creative.