PayPoint, a prominent multichannel payments provider, has announced a £1m investment in Aperidata, an innovative consumer and business credit reporting and Open Banking platform.
The investment aims to enhance its multichannel payments offering by incorporating Open Banking services. This collaboration builds on an existing partnership between the two companies, which delivers Open Banking solutions across various sectors, including government, local authorities, charities, and housing associations.
Aperidata is known for its innovative approach to credit reporting and Open Banking. The company has been instrumental in PayPoint’s recent project with Citizen’s Advice Stevenage, where they launched a Customer Support Tool driven by Open Banking. This tool has significantly reduced the time debt advisors spend gathering and reviewing financial information from individuals seeking help, cutting it from an average of three weeks per case to just minutes.
Nick Wiles, CEO of PayPoint, said, “We’re delighted to be investing in Aperidata, which will further enhance our Open Banking solutions and multichannel payments platform for clients in multiple sectors. This investment will enable PayPoint to continue its diversification to digital and enable further growth in Open Banking, which is one of our key building blocks to delivering £100m EBITDA by the end of FY26.”
Steve Ashworth, CEO of Aperidata, also expressed enthusiasm for the partnership, stating, “PayPoint was a natural partner for us as we expand our Open Banking solutions and enable the next phase of growth. The UK credit score model is over 50 years old with little innovation over the years. Aperidata is solving tangible problems in 2024 with a digital-first solution that gives any user a real time P&L on consumers and businesses. Any time, any place – you’ll know the financial position in real-time. We are super excited to be working with the PayPoint teams and look forward to driving further success into the market.”
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