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Tuxedo Money Solutions increases funding to £17m
Enhances leadership position and plans substantial Growth in 2009

Tuxedo Money Solutions, the UK’s leading prepaid card programme service provider announced today that it has completed a significant funding round with all major shareholders participating.

David Dey, chairman of Tuxedo commented “The Company have performed remarkably well in the final quarter of 2008 in all areas of the business. We have launched several revolutionary new services on our industry leading eccount® platform and have now completed the patent application process for the new technology we have developed. We have also expanded successfully in the corporate sector and our consumer programmes are doing well. Results for the final quarter are ahead of budget and several major wins in both markets have added even greater value to the company. This has given the shareholders confidence to invest substantial additional funds in Tuxedo. The outlook is certainly very positive.”
Tuxedo has signed an agreement with a leading UK retailer this month to provide several thousand staff with payroll cards to replace cheques, and have announced a strategic agreement with Bond International Software, a global provider of recruitment and human capital management software & services, to offer payroll, expenses, rebate and other prepaid card products to their substantial client base.
The Tall Group of Companies, the UK’s leading provider of special cheques, credits, secure encoded document solutions and streamlined payment systems has also partnered with Tuxedo to offer prepaid card products and services to their 30 000 corporate clients.

Recently Tuxedo completed exclusive agreements to provide its eccount and prepaid card service to over 500 of the worlds Super Yachts for expenses and staff payroll. Earlier this month they also launched a prepaid card based reward programme for 4000 distributors of one of the worlds largest mobile networks.

Tuxedo continues to build its strong consumer programme base adding to its increasing portfolio of blue chip brands and is currently developing several large programmes including prepaid forex cards for the one of the UK's premier foreign exchange services groups, to be launched in early 2009. Tuxedo launched five new white label consumer programmes in the last quarter of 2008.
Tuxedo has also finalized an agreement with the Post Office to enable all its existing partner programmes – comprising of over 50,000 active cards, to be topped-up at 14,000 Post Offices in the UK from January.
On the technology front, Tuxedo has added several new payment services to its eccount platform including Direct Debit Payment, Standing Order and Cheque Cashing services which will substantially enhance the Tuxedo product for the debt management, unbanked and underbanked sectors.
In November 2008, Tuxedo completed the roll out of its unique Mobile eccount service, enabling users to manage and control their money and prepaid cards from their mobile phones, to all their partner products including The Sun, The Times, STA Travel and News of the World.
In January 2009 Tuxedo will add an additional 3000 qualifying stores, including SPAR and Co-op Group outlets, to the selected 6500 retail sales distribution points already selling the Tuxedo MasterCard® Prepaid Card retail pack. Tuxedo will also commence development work in the new year on a new multi-faceted instant issue card product to be distributed through 19,500 PayPoint stores nationwide.
Finally, Tuxedo has been shorlisted for the Card Awards in 2009, the only fully independent and the most recognized Card Industry Award, for the Best Prepaid Card Marketing Programme, for the second year in a row - having won the award in 2008.
About Tuxedo

Multi Award winning Tuxedo Money Solutions provides industry leading prepaid solutions for businesses, consumers and partners - including co-brand and white label programmes. Tuxedo provides products to businesses for payroll, expenses, incentives/rewards and outpayments/compensation as well as general spend, travel and forex card products to consumers. Tuxedo's large portfolio of card programmes includes The Sun, News of The World, The Times, and STA Travel. Tuxedo is a MasterCard® Member Service Provider.

David Dey – Chairman, Tuxedo Money Solutions
Following a long international career at IBM Corporation in the United Kingdom, the United States and in France, David Dey became a Managing Director and Main Board Director at The Plessey Company. He was a Director of British Telecom and was the founder and Chief Executive Officer of Energis.
Most recently Mr Dey has been the Chairman or non-executive Director of more than fifteen technology, telecoms and software companies, such as Alpha Telecom, Neos Networks and Technology For Business. He brings over thirty years of experience at the most senior levels of the UK and European business to Tuxedo's Board.

For general information on Tuxedo and this press release kindly contact
Heather Barlow:
Tel: 020 7632 4888

Visit for more information on Tuxedo
or to read more about the eccount visit

Publisher Contact Information:

Tuxedo Money Solutions
+44 (0) 20 7632 4888

Company profile of Tuxedo Money Solutions
Past press releases of Tuxedo Money Solutions.


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