Funding helps TwinPay gear up for growth

A South Yorkshire parking technology company is gearing up for further expansion after securing a £500,000 funding package to support product development and innovation.

Sheffield-based TwinPay has received the investment through the South Yorkshire Debt Fund, managed by FW Capital on behalf of South Yorkshire Pensions Authority.

Bosses say the funding will support the continued development of TwinPay’s technology offering, which combines digital payment systems, parking hardware, back-office software and electric vehicle charging solutions.

Jeremy Martin, managing director at TwinPay, said: “TwinPay and the team are delighted to be working with Hawsons and FW Capital to support our ambitious growth plans built around our unique offer to supply a complete solution to any independent car park operators and car park management companies. 

“With equipment designed to make a parking customers journey via our own machine hardware, installations, software developments, and parking application.”

Andrew Stone, assistant Director – investment strategy at South Yorkshire Pensions Authority, added: “We’re pleased to support TwinPay through the South Yorkshire Debt Fund and to provide funding that will help the business continue to grow and invest in its technology. 

“Supporting ambitious businesses across South Yorkshire is an important part of the Fund’s role, and this investment demonstrates how pension fund capital can also contribute to sustainable economic growth in the region. 

“We look forward to seeing TwinPay build on its success and progress its plans for the future.”

The deal follows a fundraising process led by Hawsons Corporate Finance, which worked with the company to identify a suitable funding partner.

Jack Ware, corporate finance director, and Katie Sutcliffe, corporate finance analyst, advised on the transaction, including financial modelling and engagement with potential lenders.

FW Capital’s Paul Wainwright, fund manager, and Conor Marshall, investment executive, led the investment, which marks the first mezzanine finance facility awarded through the South Yorkshire Debt Fund.

The £20 million fund provides loans of up to £2 million to businesses across Sheffield, Barnsley, Doncaster and Rotherham, supporting innovation, expansion and the creation of sustainable jobs.

Jack added: “We were delighted to support TwinPay in securing this funding package with FW Capital, which provides the business with additional capital to continue investing in its technology and support its growth plans.

“TwinPay has developed an innovative proposition within a rapidly evolving parking technology market, and it was a pleasure to work closely with the management team throughout the process. 

“We look forward to seeing the business build on its progress as it enters its next phase of growth.”

Paul added: “Securing this mezzanine facility for TwinPay is a major milestone for them. 

“It provides the financial platform to scale their tech infrastructure. 

“This will mean faster, smoother parking experiences for drivers everywhere. 

“TwinPay’s parking app has already proven its value to drivers and communities across the UK, making it a great fit for the mezzanine facility. 

“This hybrid capital structure allows us to provide the strategic funding they need for advanced technology enhancements and product development that is aligned to their long-term growth trajectory.”

Legal advice was provided by Michael Hall of Knights on behalf of TwinPay, while Imogen Holland of Newcastle-headquartered law firm Ward Hadaway advised FW Capital.

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