South Yorkshire-based parking technology business TwinPay is focused on growth after receiving a £500,000 Mezzanine Finance facility via the South Yorkshire Debt Fund which is managed by FW Capital on behalf of South Yorkshire Pensions Authority.
The funding supports Twin Pay’s continued expansion of its technology offering, following a fundraising process led by Hawsons Corporate Finance.
TwinPay provides integrated technology solutions to the parking sector, combining digital payments, parking hardware, back-office software and EV charging solutions. The newly secured funding will support the continued growth of the business and further investment in its technology offering and product development.
Jeremy Martin, Managing Director at TwinPay said: “TwinPay and the team are delighted to be working with Hawsons and FW Capital to support our ambitious growth plans built around our unique offer to supply a complete solution to any independent car park operators and car park management companies. With equipment designed to make a parking customers journey via our own machine hardware, installations, software developments, and parking application.”
Jack Ware, Corporate Finance Director at Hawsons, said: “We were delighted to support TwinPay in securing this funding package with FW Capital, which provides the business with additional capital to continue investing in its technology and support its growth plans.
TwinPay has developed an innovative proposition within a rapidly evolving parking technology market, and it was a pleasure to work closely with the management team throughout the process. We look forward to seeing the business build on its progress as it enters its next phase of growth.”
Paul Wainwright, Fund Manager at FW Capital, said: “Securing this mezzanine facility for TwinPay is a major milestone for them. It provides the financial platform to scale their tech infrastructure. This will mean faster, smoother parking experiences for drivers everywhere. TwinPay’s parking app has already proven its value to drivers and communities across the UK, making it a great fit for the mezzanine facility. This hybrid capital structure allows us to provide the strategic funding they need for advanced technology enhancements and product development that is aligned to their long-term growth trajectory.”
Hawsons acted as lead corporate finance adviser to TwinPay, running a full fundraising process and engaging with a number of potential funders before working with TwinPay to select FW Capital as its preferred funding partner. Jack Ware, Corporate Finance Director, and Katie Sutcliffe, Corporate Finance Analyst, provided corporate finance advice throughout the transaction, including detailed financial modelling.
Andrew Stone, Assistant Director – Investment Strategy at South Yorkshire Pensions Authority, said: “We’re pleased to support TwinPay through the South Yorkshire Debt Fund and to provide funding that will help the business continue to grow and invest in its technology. Supporting ambitious businesses across South Yorkshire is an important part of the Fund’s role, and this investment demonstrates how pension fund capital can also contribute to sustainable economic growth in the region. We look forward to seeing TwinPay build on its success and progress its plans for the future.”
Paul Wainwright, Fund Manager, and Conor Marshall, Investment Executive, led the transaction for FW Capital. The transaction marks the first mezzanine finance facility to be provided through the South Yorkshire Debt Fund. The South Yorkshire Debt Fund is a £20m fund supporting businesses to scale up and innovate. It is designed to stimulate regional growth and create high-quality, sustainable jobs for businesses across Barnsley, Sheffield, Doncaster and Rotherham with loans of up to £2million.
Legal advice to TwinPay was provided by Michael Hall of Knights, while legal advice to FW Capital was provided by Imogen Holland of Ward Hadaway.
