A fast-growing card payment solutions provider is aiming to triple the size of its business after an £850,000 investment.
Card Industry Professionals, based in Grimsby, raised equity for the Northern Powerhouse Investment Fund (NPIF) and the Midlands Engine Investment Fund (MEIF), managed by Mercia.
Founded in 2017 by entrepreneur Ciaran Savage, Card Industry Professionals provides card terminals, point of sale and online payment solutions to thousands of merchants across the UK.
It focuses on SMEs, including retailers, hair and beauty salons and hospitality businesses, and offers a range of solutions to suit different business volumes and requirements.
The company has doubled its revenue every year since its launch. The management team was also bolstered by the addition of Ciaran’s mother, Lyn Savage, as operations manager, and sales manager John Selby.
Card Industry Professionals employ a team of 13 people in Grimsby and have a nationwide network of over 130 sales agents.
It currently processes over £25m worth of transactions per month and aims to triple that number over the next 18 months. The funding will allow it to strengthen its board of directors, create a dozen new jobs in Grimsby and continue to expand its product range by integrating the latest innovations in payments and fintech.
Savage said, “This is an exciting time for card industry professionals as we continue to grow and develop. The investment will enable us to implement our long-term plan to support and introduce many more merchants to new and emerging payment technology. As we transition to contactless and digital payment methods, we want to make it as easy as possible for merchants to access and adapt to the new payment technologies available, to feel supported during implementation, and to enable merchants to offer choice and flexibility to their customers. . With this investment we can grow our product portfolio, as well as grow our sales team across the UK and our customer support teams based within our head office.
Maurice Disasi of Mercia added: “The pandemic has accelerated the adoption of contactless payments and many small businesses – especially ‘cash in’ businesses such as takeaways and hair salons – are having to adapt. Card Industry Professionals is focused on this underserved market and is uniquely positioned to help businesses transition to alternative payment methods. The funding will allow the company to stay at the forefront of technology and expand its market share.