The Coalfields Fund has provided a second round of funding to existing investee company, Transglobal Payment Solutions Limited (“TPS”).

The funding will be used to build out and accelerate adoption of the company’s unique PayFac solution, which is one of the fastest growing corporate payment solution in the UK.

Since its launch in 2007, usage of PayFac has grown rapidly and the product has now been adopted by over 500 companies. The product allows businesses to make domestic and international payments and direct debits on one platform without the need to install and maintain software. Businesses can replace bank, foreign exchange, BACS and direct debit management software with one solution and by using one common, highly secure process. 

The Coalfields Funds invested its further monies alongside a new private investor, Peter Fortune, who also takes up the position of Chairman of the company, replacing Gareth Jones who has been Chairman since the company was founded in 2007.

Jonathan Diggines, EV’s Chief Executive, commented, “TPS possesses all the credentials the Funds look for in an investee SME; a product with a solid and expanding target market, a knowledgeable and dedicated management team, a focus on strategic development and the potential for real growth”.

“EV has a strong and demonstrable track record in investing in and working closely with SMEs in the former English coalfield regions and the Funds’ investment team is constantly looking for opportunities to support new and existing companies”.

Wayne Thomas, Investment Director at EV who led the deal, commented, “There is a huge market opportunity to simplify global corporate payments and TPS is well positioned to exploit this – The Coalfields Funds are delighted to provide a second round of investment to the company and to continue to work with its management team”.