Payment solutions company CutPay Merchant Services has received a six figure investment from NPIF - FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF).
Based in the North East of England, with a national client-base, CutPay sells fully-integrated card payment facilities, EPOS hardware and software solutions to businesses. It is the only company that has expertise in both EPOS and payment solutions.
Cutpay, which was founded in March 2015 by Sunny Miah, an experienced corporate banker with over 15 years’ experience in the industry, will use the funding to open a new Yorkshire office, recruit a further five staff and invest in marketing to grow sales.
Forecasts indicate turnover will increase to £5.6million in the next three years with the new office base.
The move comes after CutPay became ISO accredited in August 2017, resulting in substantial growth and significantly increasing turnover.
The Yorkshire team will include a telesales department and an administrator, with an existing sales manager relocating to this office. Further recruitment is expected in the coming years as the company hopes to expand further.
In addition to recruitment and office costs, Cutpay also required investment for software to keep its app and website up-to-date, as well as further investment in product innovation and marketing to create and raise brand awareness.
Sunny Miah, CutPay Founder and Managing Director, said: “We are delighted to expand the business into Yorkshire as it is a fantastic gateway to support CutPay’s ambitious growth plans.
“Our new office will allow us better serve our existing client base and develop new business relationships. We are very grateful to FW Capital for helping us to further our aim of being the most reliable and trusted integrated payment solution provider in the UK.”
Rachael Guest, Investment Executive at FW Capital, said: “CutPay has shown consistent month-on-month growth and has many technological and cost-efficient advantages in comparison to its competitors.
“The experienced management team is led by Sunny Miah, a well-respected figure who has worked in the industry for many years and is incredibly committed to the success of CutPay.
“CutPay is ready to be scaled-up and we are delighted to have been able to provide the funding to allow the company to reach its potential.”
Mark Wilcockson at British Business Bank, said: “We are pleased that NPIF has been able to support CutPay with this funding, which will in turn boost job growth in Yorkshire. The company has forecasted impressive revenue growth in the coming years, and this investment in recruitment, product innovation and marketing will enable this to take place.”
Operating from the British Business Bank’s Sheffield head office, the Northern Powerhouse Investment Fund provides a mix of debt and equity funding (£25,000 to £2m). It works alongside ten Local Enterprise Partnerships (LEPs), the combined authorities and Growth Hubs, as well as local accountants, fund managers and banks, to support Northern-based SMEs at all stages of their development.
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.