PayPoint today announced a £1m investment in Aperidata Ltd, an innovative consumer and business credit reporting and Open Banking platform.
The deal will see PayPoint Group build on an existing commercial partnership between the two companies that provide Open Banking solutions for customers in many sectors, including governments, local authorities, charities and housing associations.
The investment strengthens PayPoint’s multi-channel payments offering by adding Open Banking services, delivering improvements to the customer experience and making it easier for organizations to access data for the benefit of their customers.
Aperidata was instrumental in the Group’s recent work with Citizen’s Advice Stevenage, launching an Open Banking-led Customer Support Tool which reduced the time Debt Advisor spend collecting and reviewing financial information of people seeking help , from three weeks per case on average to just minutes.
Nick Wiles, CEO of PayPoint said:
“We are delighted to invest in Aperidata, which will further enhance our Open Banking solutions and multi-channel payments platform for customers across multiple sectors. This investment will enable PayPoint to continue its digital diversification and enable further growth in Open Banking, which is one of our key building blocks to deliver £100m EBITDA by the end of 2026.”
Steve Ashworth, CEO of Aperidata said:
“PayPoint has been a natural partner for us as we expand our Open Banking solutions and enable the next phase of growth. The UK credit scoring model is over 50 years old with little innovation over the years. Aperidata is solving tangible problems in 2024 with a digital-first solution that gives every user a real-time P&L for consumers and businesses. Anytime, anywhere – you will know the financial position in real time. We are very excited to be working with the PayPoint teams and look forward to driving further success in the market.”