A high-growth card payment solution provider is gearing up to realise its plans to treble the size of the business, after securing an £850,000 investment.
Grimsby’s Card Industry Professionals is creating 10 more jobs and looking to strengthen its board, while increasing the product range it offers to thousands of SMEs across the UK.
Equity funding from both the Northern Powerhouse Investment Fund and the Midlands Engine Investment Fund has been secured by founder Ciaran Savage.
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It comes four months on from a move to a new headquarters on the outskirts of a town that has built a niche in the sector, with the 13-strong team thriving.
CIP provides card terminals, point of sale and online payment solutions to retailers, hair and beauty salons and hospitality businesses.
Mr Savage, shortlisted for the Wilkin Chapman Business Person of the Year at the Northern Lincolnshire Business Awards, said: “This is an exciting moment for Card Industry Professionals as we continue to grow and develop. The investment will enable us to deliver our long-term plan to support and introduce many more merchants to new and emerging payments technology.
“As we shift to more contactless and digital payment methods, we want to make it as easy as possible for merchants to access and adapt to the new payments technologies available, feel supported with the implementation and enable merchants to provide the choice and flexibility to their customers. With this investment we can develop upon our portfolio of products, as well as expand our sales team throughout the UK and customer support teams based within our head office.”
December saw the firm move from managed workspace on Europarc to The Old Granary at Aylesby, with international ambition also underlined.
The significant backing has been managed by Mercia, with the organisation impressed with the doubling of revenue year-on-year since launch.
It is now processing £25 million worth of transactions a month, with a network of 130 sales agents acting on its behalf.
Mr Savage wants to triple that figure in the next 18 months.
Maurice Disasi, investment associate at Mercia, said: “The pandemic has accelerated the uptake of contactless payments and many smaller firms - particularly ‘cash-led’ businesses such as takeaways and hair salons – are having to adapt.
“Card Industry Professionals focuses on this underserved market and is ideally placed to help businesses make the transition to alternative payment methods. The funding will enable the company to stay at the forefront of technology and expand its market share.”
The funds investing are both supported by the European Regional Development Fund, with the British Business Bank’s backing
Encouraging others to follow the path, Sarah Newbould, senior investment manager for regional funds at British Business Bank, said: “It’s good to see both the Northern Powerhouse Investment Fund and the Midlands Engine Investment Fund investing in Card Industry Professionals, providing the business with the means to expand its team, as well as develop its product and fintech offering.”
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