OakNorth completes £1m loan to NetPay
OakNorth completes £1m loan to NetPay, the award-winning payment services provider
• The business has experienced exponential growth since its founding in 2012, and in September announced that it would be moving to larger offices in Southampton;
• The debt finance will be used to finance the business’ operational needs;
• The transaction was completed under the British Business Bank’s Help to Grow Programme.
OakNorth – the bank for entrepreneurs, by entrepreneurs – has provided £1m of working capital to NetPay, the payment services provider founded in 2012 by Carl and Nicole Churchill. The business offers credit and debit card payment processing through face to face, online and over the phone payment services. It has two core business segments: NetPay Merchant Services, offering payment processing solutions; and technologi – a software solutions provider that supports global banks and other payments businesses through its flagship “Revolution” platform. Its technology is responsible for delivering payment services to 7,000 businesses per month in the UK alone who on average, go on to process an aggregate of £925m per year across 28m transactions… The technology is currently being rolled out to support 14 countries and 8 languages on the back of recent contract wins.
Carl Churchill, Co-founder and Managing Director of NetPay, commented: “Since our founding five years ago, we have seen the payments market in the UK evolve rapidly, with technologies such as contactless and mobile payments becoming more mainstream. Cards are now the most popular payment method in the nation with cards and contactless payments overtaking cash in retail for the first time during 2017. We want to help every business to gain access to these payment services through our technology and in turn, open opportunities to generate revenue and improve their cash flow. This finance from OakNorth will help finance our daily operations and enable us to continue pursuing our ambitious growth plans.”
Adam Agius, Debt Finance Director at OakNorth, said: “NetPay is an ambitious and determined business with incredibly experienced founders and management team. The business has won several technology-related awards since its founding in 2012 and is one of the few independent payments providers that builds, owns and operates its own technology, including its own payment gateway. Whilst it predominantly services SMEs via NetPay Merchant Service through strategic partners, it has also been awarded multi-year contracts by major acquiring banks and payments businesses for the design, build and delivery of the Revolution platform, which is a testament to the value of the IP. As the number of card transactions in the UK continues to rise, NetPay is in a prime position to continue growing its influence and importance in the market.”