Cutpay Merchnat Services secures six-figure NPIF
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
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.