£1m Investment Supports Development of Innovative Payment Services Company
18th November 2008
A company which provides foreign exchange and international & domestic payment services to SMEs and mid corporate businesses is expanding with a £1m investment from Alliance Fund Managers (AFM) and Enterprise Ventures (EV).
TransGlobal Payment Solutions (TPS) began trading in October 2007 and is a leading foreign exchange and payments institution that enables its customers to make any type of transaction, in any type of payment and in any currency through its internet based solution, PayFac.
The investment will be used to provide development and working capital to the business. The completion of the deal will also see the company relocating its Head Office and Sales base from London to the Merseyside in the coming months.
The £1m investment comprises £500k from AFM through the MSIF Liverpool Seed Fund and £500k from EV through the Coalfields Enterprise Fund.
TPS is the first non-bank business to provide its target market sectors with direct access to all payment infrastructures and product offerings, from FX and domestic through to cross-border transactions.
Warren Whyte, TransGlobal Payment Solutions’ Group Managing Director, said, “We are really excited about having AFM and EV as our investor partners. With their assistance we intend to significantly expand the business throughout the UK, and further develop and enhance our service offerings to our target markets across the Country. I am equally as excited about assisting businesses in the North West. In these challenging times I believe we can very easily demonstrate to businesses just how cost effective we are in providing foreign exchange and payment solutions.”
Darren Gowling, investment director at AFM added: “TPS has already achieved significant sales and developed an impressive customer base. The company is run by a highly credible and knowledgeable management team which has considerable experience in the set up and successful development of FX and domestic payment companies. We are pleased to be supporting TPS and believe the business has significant commercial potential.”
Wayne Thomas, investment director at EV commented “We have been impressed with the quality of the management team and their depth of knowledge of the sector throughout our assessment of this opportunity. The marketplace for both domestic and international payment transfers will go through some significant structural and commercial changes over the coming months and we believe that this business is well placed to take full advantage of the opportunities these changes bring.”
Gareth McIntegart, corporate partner with DWF in Liverpool, which advised TPS on the deal, added: “This is an excellent example of the way an established network of professional advisers can work together very effectively for the benefit of the region. We were introduced to TPS through an existing client and in turn were able to introduce the company to other advisers and funders. We are pleased to learn that it will now be moving its operations to Liverpool, bringing new jobs and investment to the area.”
Legal advisors involved in the transaction were Andrew O’Mahony of Brabners Chaffe Street for AFM and EV, and Gareth McIntegart of DWF acted for the company. Jon Else of The Steve Stuart Partnership advised on corporate finance.
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For further information contact Angela White @ Alliance Fund Managers on 0151 242 6376.
Photo shows L-R – Darren Gowling (AFM) Neil Kinum and Ian Wheeler (TPS) Jon Else (TSSP) Warren Whyte (TPS) Gareth Jones (Chairman, TPS) Wayne Thomas (EV)