A Belfast-headquartered transactional management group has secured a £2m funding boost from Whiterock’s Growth Finance Fund, with the funding set to support its plans to create 100 fintech jobs over the next year. Pivotal – formerly known as RMS Group Services – was established as a cash management business in 2005.
It has expanded its geographical presence and service offering across the UK and Ireland and recently opened operations in Edinburgh and Birmingham, with a further facility scheduled to open for Bristol later in 2021. The company currently has sites in Belfast, Dublin, Leeds, Reading and Slough.
The newly secured funding through the Growth Finance Fund will facilitate the accelerated growth of Pivotal’s existing operations and the group’s new fintech division Pivotal Pay.
Ambitious growth plans mean the company is actively recruiting for roles across the business, including sales, customer service jobs, operations and software development, with 100 roles expected over the next year. The group has also strengthened its senior management team with the recent appointment of chief executive Rónán Harper.
“We are ambitious and have identified a clear opportunity for significant growth in the transactional management market in Ireland and the UK,” said Harper.
He added, “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 throughout the UK and continue our growth journey from there.” Commented Harper
Una Warnock, head of the portfolio at Whiterock Finance, added: “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.
She continued that “We’re excited to be able to support Pivotal as it expands further into the UK and the digital payments market. It is a great example of local companies fulfilling their growth potential by expanding into new markets while continuing to improve their service by offering customers smart solutions for their own business needs.”
Source: Insider Media