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.”
NFT Marketplace Rarible Raises US$14.2m
Alongside the funding announcement, Rarible has shared that they’ve officially partnered with NBA Top Shot maker Dapper Labs to bring their NFT marketplace to Dapper’s Flow blockchain. Dapper Labs has begun building out a wider coalition of NFT platforms on its proprietary blockchain which is more energy-efficient and less costly than transactions on the Ethereum network.
“To mark this next phase, we are also proud to enter an official partnership with Flow. Dapper Labs has an impressive track record of bringing NFTs mainstream by creating native experiences for non-crypto audiences. As a blockchain, Flow enables easier access and lowers the entry barrier for traditional consumers and brands, which makes it a perfect partner on our journey to the wider adoption.
“In the coming couple of months, we will be bringing Rarible on Flow as a primary and secondary marketplace, also welcoming the robust ecosystem of projects built on Flow blockchain,” Rarible said.
According to the company, last June, 6 months post-launch, total trading volume on Rarible hit the $28,000 mark. By June 2021 it grew by a mind-blowing 3000x, reaching $150 million in total sales.
“Just as we have always been at the forefront of the NFT movement, Rarible is determined to pioneer the next wave,” the co-founder of Rarible’s marketplace and CEO Alexei Falin said. “With this company milestone, we are thankful for the support of Venrock, 01 Advisors, and Coinfund and look forward to going beyond the current enclosed crypto environment and taking NFTs into mainstream consciousness.”
In a blog post the company says they hope to use this funding to explore more user-friendly developments like accepting credit card payments. “We need a world where an indie creator can effortlessly create an NFT and sell it for $5 to his community of supporters, as well as where a pop icon can use NFTs to establish close contact with her multi-million audience in a sustainable way.”
Rarible has a lot underway in the upcoming few months, including the launch of Rarible NFT protocol, L2 solution for scalability and sustainability, credit card payments, adoption of Flow blockchain, multiple partnerships and drops, and more. Many projects are already working on integrations with Rarible protocol, such as the partnership with one-click NFT creator S!NG that allows users to mint and put their NFTs on sale with no costs involved.