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”).
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.