UK fintech group SPG, which owns Shieldpay and Paycast, has raised $34m (£25m) in a Series A funding round. The investment was led by Marqeta and Mastercard along with participation from CreditEase, Elliott Management, and Techstars.
With the fresh capital, SPG aims to scale up Shieldpay and capitalise on growing demand in the professional services market. Funds will also be used to fuel Paycast in its early stage of growth and bring the payments platform to a consumer audience.
London-headquartered SPG was founded in 2016 and aims to help unknown people transact securely.
The company says it processed more than payments totalling $3bn for its clients and has witnessed a surge in business during the pandemic. Its revenue grew by more than 360% in 2020, according to its own figures.
SPG’s first business, Shieldpay, is a digital platform used in the professional and financial services sectors. It aims to simplify payments and uses automation to replace paper-based transactions.
Shieldpay works with a range of clients ranging from top 100 law firms and sole practitioners to lenders and technology companies.
“Our Series A funding will enable the business to capitalise on this demand and scale substantially,” said Peter Janes, founder and CEO of SPG.
The latest business of the group, Paycast, is a payment engine for marketplaces, e-commerce and platforms that specialise in facilitating and protecting high-value and time-sensitive transactions.
Paycast lets customers hold funds in escrow between buyers and sellers until the conditions of sale have been verified. Its strategic partnership with Mastercard will create an ecosystem for marketplaces, buyers and sellers.
“We are thrilled to be supporting Paycast on the next step of their journey, having worked closely with them since their early days in the Mastercard Start Path programme,” said Scott Abrahams, senior vice president, business development and fintech at Mastercard UK & Ireland.