Payment processor TransGlobal Payment Solutions has secured equity finance of £1 million from two venture capital firms.

Payment processor TransGlobal Payment Solutions has secured equity finance of £1 million from two venture capital firms.

Alliance Fund Managers and Enterprise Ventures, both based in the North of England, invested £500,000 each in the company, which plans to relocate its head office and sales base from London to the North West on completion of the deal.

Alliance invested from the Merseyside Special Investment Fund, which provides loans and equity packages to businesses based in, or prepared to relocate to Merseyside, while Enterprise Ventures’ contribution came from the Coalfields Enterprise Fund. Both funds are backed by the UK government.

TransGlobal will use the funding as development and working capital as it aims to expand its international and domestic payment services to its small and medium-sized clients.

Legal advisers involved in the transaction were Brabners Chaffe Street for the investors, and DWF for the company.