Challenger bank OakNorth has deployed a £1m loan in to payment processing solution NetPay.
Netpay provides credit and debit card payment processing capabilities through face-to-face, online and over the phone transactions. The company offers wired, wireless and mobile payment terminals for physical stores to accept in-store transactions.
An online payment solution is also offered by the company, delivering a secure method to accept digital payments from around the world. NetPay’s final solution is a payment app that enables users to send and receive transactions through its in-built card reader.
The loan will be used to finance NetPay’s operational needs, as the company looks to further its growth plans.
OakNorth debt finance director Adam Agius, said, “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.”
Late last year, OakNorth secured £244m in funding from investors including GIC, The Clermont Group, Toscafund, and Coltrane. The bank raised this equity to support its contribution to UK financing and launching its ACORN solution.
OakNorth deputy CEO Graham Olive told FinTech Global the future of challenger banks is through specialism and not becoming a ‘one-stop-shop’. As culture shifts to people being more comfortable with shopping around and switching, Olive sees a future where people use a range of different products for their various financial needs.
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