PayPoint and i-movo are pleased to announce that following Financial Conduct Authority (FCA) approval, i-movo has been acquired by PayPoint in a transaction that sets the standard for UK digital vouchers.
i-movo has been a key partner of PayPoint for many years, providing the platform for the CashOUT service used by over 100 local authorities, the Department for Work & Pensions in addition to many charities and other agencies. The service has proved vital for many communities during the Covid 19 pandemic for school meal replacements, emergency energy credits and other services. i-movo is also active in the field of digital consumer marketing and news publisher subscriptions where the real-time nature of the platform gives critical insights into consumer behaviour compared to paper voucher schemes.
IMAS managed a targeted sale process which explored interest from potential acquirers to find a partner that offered synergies and fit whilst also maximising value. Our work included initial preparation, marketing of the acquisition opportunity, valuation and negotiating key terms of the transaction through to completion.
PayPoint CEO Nick Wiles commented: “This acquisition demonstrates PayPoint’s ongoing investment into propositions that will benefit our retailer partners through higher footfall. In addition, by bringing i-movo into our business we will continue to ensure that communities retain access to cash. David Tymm and his team bring expertise in consumer marketing and subscription schemes together with a broader track record of innovation in alternative payments. We are delighted to have the i-movo team join the PayPoint Group”.
i-movo CEO David Tymm, who has led i-movo since its inception, said, “The market has wanted a major company to establish a single standard that both brands and retailers could get behind with confidence so they could begin to phase out paper vouchers and reap the benefits of digitisation. We have always seen i-movo as representing that standard and we are thrilled to become part of the PayPoint team as their support, market presence and reputation makes this long-held ambition achievable.”
i-movo is the UK’s leading secure digital voucher system, having processed over twenty million transactions with an aggregate value of over £400 million. The service enables vouchers to be distributed by SMS, email, direct mail or mag-stripe card, and are accepted by over 60,000 retailers in total, as a trusted form of payment. Established in 2003, the company has delivered over 1,800 campaigns for more than 200 clients across various sectors including Banking, Consumer Goods, Government, Newspaper Publishing, Retail & Utilities.