The Steve Stuart Partnership - Corporate Finance Solutions

TSSP delivers for Innovative Payment Services Company

A company which provides foreign exchange and international and domestic payment services to SMEs and mid corporate businesses is expanding with a deal delivered and structured by The Steve Stuart Partnership (TSSP).

The £1m investment from Alliance Fund Managers (AFM) and Enterprise Ventures (EV) comes just months after an initial consultation with TSSP.

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 recent 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 Merseyside in the coming months.

The £1m investment structured by TSSP 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 approached TSSP to introduce us to and help us structure our approach to potential investor partners. We are delighted that with their assistance we have successfully completed a deal with AFM and EV. 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.”

Steve Stuart, Partner, TSSP comments, "This deal was introduced to us in its very early stages by Gareth McIntegart of DWF who were acting as legal advisers to the team. From our first meeting it was obvious to me that they were a quality management team with a real proposition in what was becoming a very tough market. Having assessed this as early as we did, I am modestly inclined to believe that it was then our project management style and tenacity that than took over, to get the deal done in what was a very challenging time for a financial services start ups. Since the deal was completed in September, I am absolutely delighted to report that the company now goes from strength to strength."

Wayne Thomas, investment director at EV said: “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.”

Ends