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Fintech Group SPG Raises $34m Series A to Fuel Shieldpay and Paycast Businesses
The UK based FinTech group, SPG that owns and operates Shieldpay and Paycast, has
Founded in 2016 and headquartered in London, the group was formed to answer a simple question; how can we help two people who don’t know one another to transact securely? The bigger challenge that underpins this question is that many transactions, for consumers
Shieldpay, SPG’s first business, gained immediate traction in the professional and financial services sectors. The company’s digital platform offers organisations a simplified approach to their complex payments. By automating their transactions, Shieldpay has enabled their clients to replace paper-based, time-consuming
“Last year we saw particular demand from the legal sector as firms embraced new technologies and ways of working. Lawyers no longer want or have the time to take on the administrative and regulatory burden of processing payments internally and running client accounts. Our Series A funding will enable the business to capitalise on this demand and scale substantially”, says Peter Janes, founder and CEO of SPG.
The group’s latest business, Paycast, is a payment engine for marketplaces,
“We are thrilled to be supporting Paycast on the next step of their journey, having worked closely with them since their early days in the Mastercard Start Path programme,” said Scott Abrahams, senior vice President, business development & FinTech, Mastercard UK & Ireland. “From our technology and data assets to our global ecosystem of partners and dedicated programs, we are leveraging our tools and expertise to iterate with Paycast at every stage, transforming bold ideas together.”
To date SPG has processed over $3 billion dollars of payments for its clients and experienced a surge in business during the pandemic that saw revenues grow by over 360% in the last year. At this early stage of growth for Shieldpay and Paycast, this is a powerful validation that SPG is providing a timely and valuable solution to both
The fresh capital into SPG will scale Shieldpay to fully capitalise on the demand in the professional services market, and also fuel Paycast
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