A COMPANY which provides foreign exchange and international and domestic payment services to small firms and mid-corporate businesses is expanding with a £1m investment from Alliance Fund Managers (AFM) and Enterprise Ventures (EV).

TransGlobal Payment Solutions (TPS), which began trading in October, 2007, is a foreign exchange and payments institution which enables its customers to make any type of transaction in a variety of different payment methods and currencies through its internet service, PayFac.

The investment will be used to provide development and working capital for the business. The completion of the deal will also see the company moving its head office and sales base from London to Merseyside in the coming months.

The £1m investment comprises £500,000 from AFM through the MSIF Liverpool Seed Fund and £500,000 from EV through the Coalfields Enterprise Fund.

Managing director Warren Whyte said: “We are really excited about having AFM and EV as our investor partners. With their assistance, we intend to significantly expand the business throughout the UK, and further develop and enhance our service offerings to our target markets across the country.”