(PRWeb UK) April 9, 2010
The second round of financing, led by EV Growth, will be used to build out and accelerate adoption of its PayFac hosted payment platform. PayFac is the fasted growing corporate payment solution in the UK and, since its launch in 2007 usage has grown rapidly to over 500 corporate customers. Payfac addresses the market demand for a simple, easy to use payment solution for domestic and international payments and direct debits.
Following the investment new investor Peter Fortune will become Chairman replacing Gareth Jones who has been Chairman since the company’s founding in 2007. Commenting on the appointment Gareth Jones, chairman, TPS said: “Peter’s wealth of experience in the payments sector and in growing businesses to realise their potential will be a great asset to the company.” He continued: “My two years at Transglobal have been both exciting and challenging. The business has been successful in two financing rounds and is now firmly established as a leading player in the international payments space. The latest funding will further accelerate its growth and the company is now positioned well for the future.”
Commenting on his appointment Peter Fortune said “Transglobal has invested wisely in its web based PayFac payment platform which has simplified the way businesses make international and domestic payments. I look forward to supporting Warren and the executive team in this next stage of its growth”. Warren Whyte, CEO of TPS added “I would also like to thank Gareth on behalf of the shareholders and management for helping establish the business to its leading position today.”
Wayne Thomas, investment director at EV further commented, “There is a huge market opportunity to simplify global corporate payments and TPS is well positioned to exploit it - we are delighted to make our second investment in the company.”
About Transglobal Payment Solutions
TransGlobal Payments Solutions (http://www.transglobalpayments.com) is a leading provider of domestic and international payment solutions. TransGlobal’s unique PayFac solution, a Software as a Service (SaaS) offering, allows businesses to make domestic and international payments and direct debits on one platform without the need to install and maintain software. Businesses can replace bank, foreign exchange, BACS and direct debit management solutions with one solution and one common, highly secure process. PayFac is the fastest growing corporate payment platform in the UK and is used by over 500 medium and large corporations.
EV is an independent fund management company which provides venture and growth funding of up to £2 million to new or existing SMEs located throughout the UK. It is able to invest across most stages of development, including in proof of concept and early stage technology deals, start-ups, management buy-outs, replacement capital and development capital deals. For further information, visit the company’s website at http://www.evgroup.uk.com.
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