Payment solutions provider secures six-figure FW Capital funding

Payment solutions company, CutPay Merchant Services has received a six figure investment from NPIF - FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF).

Based in the North East, with a national client-base, CutPay sells fully-integrated card payment facilities, EPOS hardware and software solutions to businesses.

Cutpay, which was founded in March 2015 by Sunny Miah, an experienced corporate banker with over 15 years of experience in the industry, will use the funding to open a new Yorkshire office, recruit a further five staff and invest in marketing to grow sales.

Forecasts indicate turnover will increase to £5.6m in the next three years with the new office base.

Sunny Miah, CutPay’s founder and MD, said: “We are delighted to expand the business into Yorkshire as it is a fantastic gateway to support CutPay’s ambitious growth plans.

“Our new office will allow us to better serve our existing client base and develop new business relationships. We are very grateful to FW Capital for helping us to further our aim of being the most reliable and trusted integrated payment solution provider in the UK.”

The move comes after CutPay became ISO accredited in August 2017, resulting in substantial growth and significantly increasing turnover.

The Yorkshire team will include a telesales department and an administrator, with an existing sales manager relocating to this office. Further recruitment is expected in the coming years as the company hopes to expand further.

Operating from the British Business Bank’s Sheffield head office, the Northern Powerhouse Investment Fund provides a mix of debt and equity funding (£25k to £2m).

It works alongside 10 Local Enterprise Partnerships (LEPs), the combined authorities and Growth Hubs, as well as local accountants, fund managers and banks, to support Northern-based SMEs at all stages of their development.