Card Industry Professionals – a Grimsby-based card payment solutions provider – has been acquired by Shift4, a US-based company that is a global leader in payments and commerce-enabling technology listed on the New York Stock Exchange.
The deal provides an exit for Mercia Ventures, which backed the company in 2022 using funding from the first Northern Powerhouse Investment Fund (NPIF) and the Midlands Engine Investment Fund (MEIF). It achieved a 2x return on investment.
Card Industry Professionals provides card terminals, point of sale and online payment solutions to thousands of SMEs such as retailers, hair salons and hospitality venues. The business was founded in 2017 by award-winning young entrepreneur Ciaran Savage, who was joined by his mother, Lyn Savage, as Operations Director, and John Selby as Sales Director, both of whom have many years of experience in the UK payments industry.
The company now employs a 20-strong team in Grimsby, has a nationwide network of over 150 sales agents and processes over £60m worth of transactions per month.
Ciaran Savage, Founder and Managing Director, said: “We are excited to be joining the Shift4 family. We are committed to upholding the company values and best-in-class service customers have come to expect from us and are confident that this acquisition will allow us to improve upon those service levels, while offering even more value in the form of new benefits, incentives and product offerings.”
Maurice Disasi of Mercia Ventures added: “We’re delighted to have supported CIP on its growth journey. Ciaran and the team have built a business with first-class customer support and Shift4 now has the benefit of adding a strong and well-respected team here in the UK as part of their global operations. We wish the team continued success.”
Debbie Sorby, Senior Manager at the British Business Bank, said: “Since receiving funding from the Northern Powerhouse Investment Fund and the Midlands Engine Investment Fund, Card Industry Professionals now provides 20 roles in Grimsby, as well as processing over £60m of transactions each month. This exit is a brilliant example of how our regional funds play a role in the growth journey of businesses, unlocking innovation and supporting job creation and international growth.”