MEIF - Proof of Concept

Payments entrepreneur aims to triple business after funding round

A fast-growing card payment solutions provider aims to treble the size of its business following an £850,000 investment.

Grimsby-based Card Industry Professionals has raised the equity funding from both the Northern Powerhouse Investment Fund (NPIF) and the Midlands Engine Investment Fund (MEIF), managed by Mercia.

Founded in 2017, by award-winning young entrepreneur Ciaran Savage, Card Industry Professionals provides card terminals, point of sale and online payment solutions to thousands of merchants throughout the UK. It focuses on SMEs including retailers, hair and beauty salons and hospitality businesses, and offers a range of solutions to suit different trading volumes and requirements.

The company has doubled its revenue each year since it launched. The management team has also been bolstered by the addition of Ciaran’s mother, Lyn Savage, as operations director, and sales director John Selby, who, between them, have over 40 years’ experience in the payments industry.

Card Industry Professionals employs a 13-strong team in Grimsby and has a nationwide network of over 130 sales agents. It currently processes over £25m worth of transactions per month and aims to triple that number in the next 18 months. The funding will enable it to strengthen its board, create around 10 new jobs in Grimsby, and continue to expand its product range by incorporating the latest innovations in payments and fintech.

Ciaran Savage, founder and director, says: “This is an exciting moment for Card Industry Professionals as we continue to grow and develop. The investment will enable us to deliver our long-term plan to support and introduce many more merchants to new and emerging payments technology. As we shift to more contactless and digital payment methods, we want to make it as easy as possible for merchants to access and adapt to the new payments technologies available, feel supported with the implementation and enable merchants to provide the choice and flexibility to their customers. With this investment we can develop upon our portfolio of products, as well as expand our sales team throughout the UK and customer support teams based within our head office.”

Maurice Disasi of Mercia added: “The pandemic has accelerated the uptake of contactless payments and many smaller firms – particularly ‘cash-led’ businesses such as takeaways and hair salons – are having to adapt. Card Industry Professionals focuses on this underserved market and is ideally placed to help businesses make the transition to alternative payment methods. The funding will enable the company to stay at the forefront of technology and expand its market share.”

Sarah Newbould  at British Business Bank, said: “It’s good to see both the Northern Powerhouse Investment Fund and the Midlands Engine Investment Fund investing in Card Industry Professionals, providing the business with the means to expand its team, as well as develop its product and fintech offering. We encourage other businesses who are looking to grow to consider investment from the Bank’s regional funds.”

The Northern Powerhouse Investment Fund and the Midlands Engine Investment fund are 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.