Innovative Payment Services Company Receives Further Funding Boost
19th May 2009
St Helens-based foreign exchange and payment services specialists TransGlobal Payment Solutions (TPS) has received a further instalment of a £1m investment package from Alliance Fund Managers (AFM) and Enterprise Ventures (EV) following the successful completion of its investment milestones.
TPS has developed an internet based payment solution - PayFac. PayFac provides customers with the facility to make payments for any type of transaction, in any currency which helps businesses to reduce costs and management time in making payroll and supplier payments.
A recent study carried out among finance directors of UK businesses that trade internationally found that one of the biggest barriers was caused by inadequate payment systems. The study highlighted businesses’ frustration at hidden costs and complicated tracking processes which resulted in hours of time and money being spent making and locating missing payments.
TPS is helping businesses tackle this problem by introducing PayFac into the finance area to minimise costs and improve payment security. In the last year the company has grown transaction volumes within its foreign business by 160% and its customer base utilising this service by 137%.
The company has recently added a domestic payment facility to PayFac which enables its customers to consolidate its foreign and domestic payment systems into one, cutting the cost of maintaining multiple payment systems.
AFM, through the MSIF Liverpool Seed Fund, and EV, through the Coalfields Enterprise Fund, agreed to invest £1m as First Round Venture Capital funding, to be made in a series of tranched investments which are released when the business has completed certain milestones. This latest investment totals £275k and takes the total funding released so far to £850k.
Warren Whyte, TransGlobal Payment Solutions’ Group Managing Director, said: “We are seeing cost saving initiatives high on most businesses’ agenda and PayFac is well positioned to offer customers the ability to exchange costs for profit. We provide comprehensive foreign exchange and payment services to our customers and our growth demonstrates that we are helping them achieve their cost saving objectives.”
Janet Butler, portfolio manager at AFM added: “TPS has achieved impressive sales and is receiving positive feedback from its customers. The recent addition of its domestic payment facility will further enhance its offering and provide additional benefits which we believe will make the service an even more attractive proposition to customers.”
Wayne Thomas, investment director at EV commented “The management team continue to demonstrate a good understanding of the market in which they operate and have to date produced impressive results. With the ongoing support of EV and AFM, the business now appears to be well placed to take advantage of the opportunity originally identified by the management team.”
TPS has offices in St Helens and London. For more information visit www.transglobalpayments.com
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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)