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The Coalfields Enterprise Fund, the venture capital fund managed by Enterprise Ventures on behalf of Communities and Local Government, and established to support SMEs in the former English coalfield areas, has completed an investment in TransGlobal Payment Solutions Limited (TPS).

18/11/2008

The company began trading in October 2007 and is a foreign exchange and payments firms that enables iits customers to make any type of transaction, in any type of payment and in any currency through its iinternet based solution, PayFac.

The investment, made alongside Alliance Fund Managers, will be used to provide development and working capital to the business. The completion of the deal will also see the company relocating its Head Office and sales base from London to premises in St Helens, Merseyside, resulting in ten new jobs being created in this coalfields region.

TPS is the first non-bank business to provide its customers with direct access to all payment iinfrastructures and product offerings, from  FX and domestic through to cross-border transactions.

Wayne Thomas, EV Investment Director for the deal, commented, "We have been impressed with the quality of the management team and their depth of knowlege of the sector throughout our assessment of this opportunity. The marketplace for both domestic and international payment transfers will go through some significant and commercial changes over the coming months and we believe that this business is well placed to take full advantage of the opportunities these changes bring".

Warren Whyte, TransGlobal Payment Solutions' Managing Director, said, "We are really excited about having CEF as our investor partner. With the Fund and EV's assistance, we intend to expand the business throughout the UK and develop and enhance our service offerings to our target markets across the country. In these challenging times, I believe we can very easily demonstrate to businesses just how cost effective we are in providing foreign exchange and payment solutions".