Payments firm receives venture capital boost

AMBITIOUS Transglobal Payment Solutions (TPS) has raised new cash as it looks to grow.

The St Helens-based company – which streamlines it customers’ ability to make domestic and international payments and direct debits – has raised the money from venture capital fund manager EV.

This is the second round of funding that EV, which is headquartered in Preston, has provided to TPS and it will be used to speed the growth of a division of the company called PayFac which is targeted at corporate customers.

It allows businesses to replace bank, foreign exchange, BACS and direct debit management software.

Jonathan Diggines, EV’s chief executive, said: “TPS possess all the credentials EV looks for in an investee SME – a product with a solid and expanding target market, a knowledgeable and dedicated management team, a focus on strategic development and the potential for real growth.

“EV has a strong and demonstrable track record in investing in and working closely with the North West’s SMEs and the investment team is constantly looking for opportunities to support the region’s new and existing companies.”

Wayne Thomas, EV’s investment director who led the deal, said: “There is a huge market opportunity to simplify global corporate payments and TPS is well positioned to exploit this – EV is delighted to provide a second round of investment to the company and to continue to work with its management team”.

EV has invested further monies alongside a new private investor, Peter Fortune, who has also become the company’s chairman.

Mr Fortune said: “TPS has invested wisely in its web-based PayFac payment platform which has simplified the way businesses make domestic and international payments. I look forward to supporting the company’s Executive team in this next stage of its growth”.