Business

Pivotal cashes in with £2m fund boost and 100 jobs

Pivotal Group chief executive Rónán Harper with Una Warnock from Whiterock Finance
Pivotal Group chief executive Rónán Harper with Una Warnock from Whiterock Finance Pivotal Group chief executive Rónán Harper with Una Warnock from Whiterock Finance

BESPOKE cash management firm Pivotal Group in Belfast has come into money of its own - and will create 100 jobs in the next year as a result.

The company - whose services include cash and valuables in transit, cash processing, coin and note supply, foreign exchange and ATM services - has secured a £2 million funding boost from Whiterock’s Growth Finance Fund.

That's the maximum loan amount companies can garner from the Growth Finance Fund, which backs high-growth SMEs in Northern Ireland.

And it comes nearly five years after Pivotal - which was then known as RMS Group Services – borrowed £1.25m from the same source.

The cash injection will facilitate the accelerated growth of the Montgomery Road-based firm's existing transactional management business as well as the group’s new fintech division ‘Pivotal Pay’.

Rather than being a re-seller, Pivotal has developed and owns its digital payments technology in Pivotal Pay, with its own card terminals.

The group has also opened new bespoke transactional management premises in Edinburgh and Birmingham with a further facility scheduled to open for Bristol later this year.

Pivotal currently has sites in Belfast, Dublin, Leeds, Reading and Slough, delivering its services to more than 3,000 customers.

The company has former Tughans legal head John-George Willis as its chairman, while its non-executive directors include ex-PSNI chief constable Sir George Hamilton.

Pivotal is actively recruiting for roles across the business including sales, customer service, operations and software development, and says it want to create 100 jobs over the next year.

It has strengthened its senior management team by appointing experience financier Rónán Harper as its chief executive.

He said: “We are ambitious and have identified a clear opportunity for significant growth in the transactional management market in Ireland and the UK.

“While cash is - and will remain - a significant element of both ours and our customers' business models, the launch of our fintech division Pivotal Pay in May allows us to bring an all-inclusive payments package solution to customers so that they can manage their transactions under one simple, safe and secure platform.

“Thanks to this latest backing, we’ll be able to expand our additional offerings through-out the UK and continue our growth journey from there.”

Una Warnock, head of portfolio at Whiterock Finance, said: “Having previously borrowed £1.25m in 2016, Pivotal Group has delivered year on year growth in terms of both revenue and profitability, and we’re excited to able to support it as it expands further into the UK and the digital payments market.

“Pivotal is a great example of local companies fulfilling their growth potential by expanding into new markets whilst continuing to improve their service by offering customers smart solutions for their own business needs.”