Pivotal, a transactional management group head-quartered in Belfast, has secured a £2m funding boost from Whiterock’s Growth Finance Fund.
Pivotal (formerly known as RMS Group Services) was established as a cash management business in 2005. The business has since expanded both its geographical presence and service offering across the UK and Ireland providing clients with leading edge solutions to support cash and digital transactions.
The newly secured funding through the Growth Finance Fund will facilitate the accelerated growth of its existing transactional management business as well as the group’s new fintech division ‘Pivotal Pay’.
Finance for the £30m Growth Finance Fund has been provided by the British Business Bank, Invest Northern Ireland and private investors, Northern Ireland Local Government Officers’ Superannuation Committee (NILGOSC).
Rather than being a re-seller, Pivotal has developed and owns its digital payments technology in Pivotal Pay. With its own card terminals, Pivotal customers will have access to a comprehensive ‘all inclusive’ transactional management service.
The group has recently opened new bespoke transactional management premises in Edinburgh and Birmingham with a further facility scheduled to open for Bristol later in 2021. Pivotal currently has sites in Belfast, Dublin, Leeds, Reading, and Slough delivering its services to over 3,000 customers across the UK and Ireland.
The company’s ambitious growth plans mean that it is actively recruiting for roles across the business including sales, customer service, operations and software development with the plan to create 100 new jobs over the next year.
The group has strengthened its senior management team with the recent appointment of Rónán Harper as CEO who brings a wealth of strategic and financial experience.
Rónán Harper, CEO of Pivotal Group said: “We are ambitious and have identified a clear opportunity for significant growth in the transactional management market in Ireland and the UK. While cash is and will remain a significant element of both ours and our customer’s business models, the launch of our fintech division ‘Pivotal Pay’ in May of this year allows us to bring the ‘all-inclusive’ payments package solution to our customers so that they can manage their transactions under one simple, safe and secure platform. Thanks to the backing from Whiterock Finance, we’ll be able to expand our additional offerings through-out the UK and continue our growth journey from there.”
Una Warnock of Whiterock Finance said: “Having previously borrowed £1.25m from the Growth Loan Fund in 2016, Pivotal Group has delivered year on year growth in terms of both revenue and profitability. We’re excited to able to support Pivotal as it expands further into the UK and the digital payments market. It is great example of local companies fulfilling their growth potential by expanding into new markets whilst continuing to improve their service by offering customers smart solutions for their own business needs.”