UK fintech RSM 2000 is acquired by PayPoint
The electronic payment service provider, which was founded in 2009 and is based in Bedfordshire, UK, has a significant customer base across a number of sectors including charities, SMEs and not-for-profits.
Direct debits on the increase
Currently, the UK’s Direct Debit market is expanding an estimated 4.5bn payments with an overall value of £1,327bn made in 2019. Direct Debits are also used by 90% of the UK population to pay some or all of their regular bills.
According to reports, PayPoint is well-placed to take advantage of the trends that have accelerated over the past year due to Covid-19, including the continued shift from cash to digital payments.
The acquisition of RSM 2000 - which also offers Direct Debit services, card payments and text donations amongst other services - reinforces their position.
RSM 2000 will also significantly increase PayPoint’s current MultiPay digital payments portfolio by bringing Direct Debit capability in-house, adding innovative mobile payment products and enabling reach into new sectors, such as charities, not-for-profit and events.
RSM 2000’s innovative EventPay solution provides card terminal hire and connectivity for SMEs attending shows and festivals across the UK - an opportunity of more than 30,000 events a year with over 10,000 visitors.
PayPoint growth strategy
Speaking about the acquisition, Danny Vant, Client Services Director, PayPoint explained, “Our acquisition of RSM 2000 is the latest step in the acceleration of our strategic delivery, strengthening our position further to take advantage of the trends that have accelerated over the past year due to Covid-19, particularly the continued shift from cash to digital payments.”
Vant added, We are delighted to welcome everyone at RSM 2000 to the PayPoint Group and are looking forward to working together to grow our digital payments capability.”
“This move is an exciting one for RSM 2000 as it enables us and our customers to benefit from the expertise and greater breadth of digital payment channels that the PayPoint Group offers,” said Nigel Waters, Managing Director of RSM 2000 Ltd.
“Both organisations are committed to delivering the high quality of service and solutions that our customers have come to expect as we integrate into the PayPoint team in the coming months.”