Payments Fintech Total Processing has received a £5 million investment from BOOST&Co; an alternative lender, specialising in supporting high-growth SMEs.
Having seen more than a 244% rise in revenue over the last 12 months, the Manchester-based company was fortunate enough to expand their team throughout the coronavirus lockdown, whilst continuing to provide end-to-end services to business owners adapting to the ever-changing landscape.
Quickly growing out of their UK headquarters, Total Processing’s Board of Directors moved to accelerate their roadmap for helping merchants across the globe by securing new offices in the UK, Dubai and Frankfurt.
Speaking of the investment, CEO Cameron Lee said, “We’re delighted to have secured funding to accelerate our growth across domestic and international markets. The growth is pretty crazy, more people are buying online and that’s led to a demand for our services.
“Ecommerce is prevailing over bricks-and-mortar retail, people are concentrating on how much they are paying in fees so it’s been easier to win clients over on cost, and Zoom has allowed us to have meetings that we wouldn’t have got in person that has led to a decent amount of new business. We plan to scale the business significantly over the next 12 months, providing over 30 additional jobs to the UK during a time of volatility across all sectors.”
Through the funding, Total processing has been able to scale up their resources in order to assist larger brands with the delivery of custom payment processing and gateway solutions, across e-commerce and instore channels worldwide.Total Processing’s move into the UAE and Frankfurt is the first of many.
Ryan Sorby, Principal at BOOST&Co, endorsed further plans to expand into the MENA and European markets stating, “Total Processing has a proven business model and as the business continues to scale, it still looks likely to deliver the triple-digit growth it has seen year-on-year, which is incredibly impressive; the momentum is almost tangible.”