Foresight Group has made a £500,000 equity investment into Mobile Pay Systems through the Midlands Engine Investment Fund.
Mobile Pay Systems trades as Swoopos and provides a Mobile Point of Sale universal payments system. It combines ePOS and cloud-based technology to deliver data analysis for businesses operating in the hospitality and 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 customers include Costa Coffee, Subway and Second Cup Coffee. It operates from two sites, Milton Keynes and Wolverhampton, allowing it to remain close to its growing customer base.
The new money 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. The management is looking to develop a new ecommerce module, with a range of new features.
Foresight has introduced an experienced Non-Executive Director, Jeremy Nicholds. He has significant industry experience including roles as Non-Executive at Visa, SafeCharge (AIM listed payment technologies) and Vipera (mobile payments), which hehelped list on AIM. He was previously an adviser to YoYo Wallet and Yello (France), and the founder of 118118 Money.
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.”
Ray Harris, Principal, Foresight, added: “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, commented: “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, said: “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.”
(from left to right – Ray Harris, Foresight Group; Lee Nazari, Swoopos; and, John Cordrey, Foresight)