Suits Me moves from Contis to PPS for BaaS

UK-based alternative lender Suits Me has migrated from Banking-as-a-Service (BaaS) provider Contis to the platform of PPS, which describes itself as a “one-stop-shop for prepaid and fintech programmes”.

PPS is a joint venture between Mastercard and Edenred

Launched in 2015, Suits Me is an alternative to traditional high street banks for customers such as those arriving in the UK for seasonal work with no track record of address or credit history, and those in financial difficulty looking for a “fresh start account”.

Following the migration of the majority of its customer base from Contis, Suits Me has completed its integration with PPS’s platform to broaden services.

It is using PPS’s technology and licences for issuing cards and e-money, to underpin services including Debit BIN, Mastercard Settlement, Banking Service, BACs In, CHAPs In, Direct Debit, Direct Debit Indemnity Claim and PayPoint cash load.

The move comes ahead of plans by Suits Me to increase its presence in Europe over the next two years.

In the UK, it is estimated there are around 1.2 million people without access to banking, including freelancers, temporary labour workers and migrant workers.

Richard Lynch, managing director of Suits Me, says: “We believe that everyone should have access to financial services, no matter what their background and financial position.”

Suits Me had been working with Contis since 2018. Earlier this year, Contis was acquired by Solarisbank.

Source: https://www.fintechfutures.com/2021/11/suits-me-moves-from-contis-to-pps-for-baas/