MILTON KEYNES/NOTTINGHAM, 08 October 2018: Foresight Group LLP (“Foresight”) announces a £500,000 equity investment into Mobile Pay Systems, trading as Swoopos (“Swoopos” or the “Company”) through the Midlands Engine Investment Fund (“MEIF”).
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Swoopos provides a Mobile Point of Sale (“MPOS”) universal payments system that combines ePOS and cloud-based technology to deliver rich data analysis for businesses operating in the hospitality, and, soon the retail sector. The system includes a mobile wallet, booking system and mobile ordering, as well as a management reporting suite to help the retailer capture and monitor customer data.
Swoopos launched in August 2017 and already has 200+ systems installed with well-known brands including Costa Coffee, Subway and Second Cup Coffee. The Company operates from two sites, Milton Keynes and Wolverhampton, allowing it to remain close to its growing customer base.
The investment from MEIF will be used to roll out the existing reseller programme to a wider audience. Funds will additionally be used to transition the MPOS system to Android devices. Management is looking to develop a new ecommerce module, with a range of new features that will keep the Company at the forefront of innovation in the mobile payments and epos space.
To help with the Company’s current expansion, Foresight has introduced an experienced Non-Executive Director, Jeremy Nicholds. Jeremy has significant industry experience including roles as Non-Executive at Visa, SafeCharge (AIM listed payment technologies) and Vipera (mobile payments) which Jeremey helped list on AIM. Jeremy was previously an adviser to YoYo Wallet and Yello (France), and the founder of 118118 Money.”
Explaining the implications of the MEIF investment, Lee Nazari, CEO, Swoopus, said: “It has been an incredible journey so far, and we are excited to have Foresight on board. With their expertise and investment, Swoopos can now continue its growth throughout the UK and propel the product to become a market leader that really helps the bricks and mortar retail and hospitality sectors increase revenues and productivity.”
Commenting on the completion of the deal, Ray Harris, Principal, Foresight, commented: “We believe Swoopos has a very compelling product for most smaller retailers which allows them to get online access to their customer base, quickly and easily. This is critical when the market is rapidly moving online for all types of purchases. We see most retailers having to adapt or die – Swoopos allows them to do this in a rapid but inexpensive way.”
Grant Peggie, Director, Venture Capital Solutions at British Business Bank, added: “The Midlands Engine Investment Fund (MEIF) continues to support growing small businesses across the East and South East Midlands - helping to create skilled jobs and providing the funding to enable small innovative firms to develop products and enter new markets.
“The mobile payments market is evolving rapidly, and the Midlands is home to a selection of technology businesses including Swoopos. We are pleased that we are able to support those looking to grow and scale up.”
Malcolm Johnston, Growth Hubs Manager, South East Midlands LEP, added: “Having timely access to business growth finance gives businesses like Swoopos, who can develop and scale-up their operations, much more control over their future success. This is exactly why SEMLEP invested in the Midlands Engine Investment Fund.”
The Midlands Engine 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.
For further information contact:
Annabel Arrowsmith, Marketing Manager, Foresight Group firstname.lastname@example.org / 020 3667 8179
NOTES FOR EDITORS
About Foresight Group LLP ("Foresight”):
Foresight is a leading independent infrastructure and private equity investment manager which has been managing investment funds on behalf of institutions and retail clients for more than 30 years.
Foresight has over £2.5 billion of Assets Under Management across a number of funds, including Listed Vehicles, Limited Partnerships, Enterprise Investment Schemes (EISs), Venture Capital Trusts (VCTs) and Inheritance Tax Solutions using Business Property Relief (BPR).
Foresight’s Private Equity team, comprising 23 investment professionals, pursues four discrete but complementary investment styles: Venture, Impact, Growth and Replacement Capital through its growing regional office network.
Foresight was voted ‘Best VCT Investment Manager’ at the 2017 Growth Investor Awards, having been previously awarded ‘VCT House of the Year’ at the 2016 Unquote British Private Equity awards and has been announced shortlisted finalist for Venture and Growth Capital House of the Year at the 2018 Unquote British Private Equity Awards.
Foresight is headquartered in London with regional UK offices in Manchester, Nottingham, Milton Keynes, Leicester and Guernsey and international offices in Sydney, Rome and Seoul.
About the Midlands Engine Investment Fund (MEIF)
The Midlands Engine Investment Fund, supported by the European Regional Development Fund, will invest in Debt Finance, Small Business Loans, Proof-of-Concept and Equity Finance funds, and provide funding to SMEs from £25,000 to £2m, so that can finance their growth and development.
The MEIF is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity.
The MEIF is supported by the European Regional Development Fund, the European Investment Bank, the Department for Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company.
The MEIF covers the following LEP areas: Black Country, Coventry & Warwickshire, Greater Birmingham & Solihull, Stoke-on-Trent and Staffordshire, The Marches, and Worcestershire in the West Midlands; and Derby, Derbyshire, Nottingham & Nottinghamshire (D2N2) Greater Lincolnshire, Leicester and Leicestershire, and South-East Midlands in the East and South-East Midlands.
The project is receiving up to £78,550,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit www.gov.uk/european-growth-funding.
The European Investment Bank is providing £122,500,000 to support the MEIF. This follows backing for the Northern Powerhouse in 2017 and backing for the North East Fund to be announced in the coming weeks. www.eib.org
The funds in which MEIF invests are open to businesses with material operations, or planning to open material operations, in, the West Midlands and East & South-East Midlands.
The British Business Bank has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). The guide, which impartially sets out the range finance options available to businesses and provides links to support available at a regional level, is available at www.thebusinessfinanceguide.co.uk/bbb
About the British Business Bank
The British Business Bank is the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Our remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.
The British Business Bank is currently supporting almost £5.2bn of finance to nearly 75,000 smaller businesses (as at end of March 2018).
As well as increasing both supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of the finance options available to smaller businesses:
- The Business Finance Guide (published in partnership with the ICAEW and a further 21 business and finance organisations) impartially sets out the range of finance options available to businesses at all stages – from start-ups to SMEs and growing mid-sized companies. Businesses can take the interactive journey at thebusinessfinanceguide.co.uk/bbb.
- The new British Business Bank Finance Hub provides everything high-growth businesses need to know about their finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success. The new site also features case studies and learnings from real businesses to guide businesses through the process of applying for growth finance.
As the holding company of the group operating under the trading name of British Business Bank, British Business Bank plc is wholly owned by HM Government and is not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). The British Business Bank operates under its own brand name through a number of subsidiaries, one of which is authorised and regulated by the FCA.
British Business Bank plc and its principal operating subsidiaries are not banking institutions and do not operate as such. A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.