UK - AFM and EV invest further in TPS

The £1m investment is split evenly between AFM through its MSIF Liverpool Seed Fund and EV through its Coalfields Enterprise Fund.

St Helens-based TPS provides foreign exchange and international and domestic payment services to SMEs and mid corporate businesses. The company's internet based payment solution, PayFac, allows customers to make payments for any type of transaction in any currency. In the last year, TPS has grown transaction volumes within its foreign business by 160% and its customer base utilising this service by 137%.

The new funding will be used as working capital for the business. The total amount invested in the company now stands at £850,000.

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• Expansion
• UK / Ireland