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Investment in the Snappy Group – GlobeNewswire

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8 July 2021

PayPoint Plc

PayPoint announces £6.6m investment in the Snappy Group

PayPoint has today announced a £6.6m investment in the Snappy Group home delivery business. The deal will see PayPoint acquire a stake in the Dundee-based firm with PayPoint Group’s CEO, Nick Wiles, taking a seat on the Snappy Group board.

The investment follows the announcement last month of a partnership between the two brands, in which PayPoint One EPOS customers will be given access to the Snappy Shopper platform, and with it the ability to offer home delivery and click-and-collect options to local shoppers.

Consumer demand for local home delivery has exploded over the past 18 months with the Covid-19 pandemic accelerating growth and businesses across the UK needing tech-driven, cost-effective digital solutions to service their local communities. The appetite for shopping local is showing no signs of slowing, with PayPoint research conducted earlier in the year confirming that two in three people said their local convenience store has become more important to them over the past 12 months and over a quarter will continue to do more local shopping as restrictions ease.

This commercial agreement, signed this week, is a firm commitment from PayPoint to offer more added value services and growth opportunities to its convenience retail partners and to help them expand the reach of their stores to more customers in their local communities.

Nick Wiles, Chief Executive of PayPoint, said: “We’re delighted to be investing into the Snappy Group business, building on the partnership that we announced recently to integrate their home delivery and click and collect technology with our own. This investment will enable PayPoint and our network of convenience retailer partners to remain at the forefront of retail and consumer trends.”

Mike Callachan, Co-founder of the Snappy Group, added: “Demand for the fundraise exceeded our expectations and we are pleased to have attracted such high-profile investors. Post lockdown the demand for home delivery and the desire to shop locally is greater than ever, but the increasing number of anonymous dark stores is a threat to local businesses and communities, which must not be underestimated. We are well placed to empower local business to offer another great service to their customers, and better compete in this fast-changing retail market.”

-ENDS

Enquiries

PayPoint plc                                                        Finsbury
Nick Wiles, Chief Executive (Mobile: 07768636801)                                      Rollo Head
Alan Dale, Finance Director (Mobile: 07778043962)                                      Nidaa Lone
                                                                                                               (Telephone: 0207 251 3801)
                                                                                                               (Email: Paypoint@finsbury.com)     

About PayPoint

For tens of thousands of businesses and their customers, we make life and payments more convenient.

For retailers, we offer innovative and time-saving technology that empowers them to achieve higher footfall and increased spend so they can grow their businesses profitably. Our innovative retail services platform, PayPoint One, is now live in over 17,800 shops in the UK and offers everything a modern convenience store needs. More broadly, we also provide card payments services to thousands of growing businesses across the convenience retail, hospitality, auto trade, clothing and households goods sectors. Our technology helps companies to serve customers quickly, improve business efficiency and modernise their operations.

For clients of all sizes, we also provide market-leading payments technologies without the need for capital investment. Our seamlessly integrated omnichannel solution – MultiPay – is a one-stop shop for digital and other customer payments, via any channel and on any device.

Together, these solutions help millions of consumers to control their household finances, make essential payments and access services like cash withdrawals, eMoney and parcel collections and drop-offs. Our UK network of more than 28,000 stores is bigger than all banks, supermarkets and Post Offices together, putting us at the heart of communities nationwide.

About the Snappy Group

The Snappy Group is formed of two businesses, Snappy Shopper Ltd and Hungrrr Ltd, operating in the growing UK convenience grocery sector and the hospitality sector respectively.

Launched in Dundee in December 2017, Snappy Shopper is a technology solution provider that connects communities with their local businesses. Via its app and website consumers can order groceries from their local convenience store and have them delivered by the store’s own drivers to their homes in as little as 30 minutes. No longer solely reliant on footfall, this allows retailers to extend their customer base and service, as well as compete in this fast-growing home delivery market. This not only caters to the trend for top up shopping but also an increasing desire by consumers to access and support local businesses. Retailers can increase revenues significantly with average basket spend more than trebling online, while maintaining their in-store pricing. The Company currently serves retailers from most major players and has partnership agreements with several regional Co-op’s, Nisa and SPAR.

Hungrrr, launched in 2016, offers the hospitality sector, including restaurants, hotels and stadia, affordable solutions to take online orders, whether that is ordering drinks to a table in a pub, breakfast to a hotel room or pre-ordering food at a major sporting event. The platform’s white label functionality and branding can be tailored to each client which has proven attractive to businesses such as Hilton, BrewDog and Subway.

The Group has 1540 business partners today with more than 1 million users across England, Scotland, Wales and Northern Ireland. Annualised Gross Merchandise Volume (GMV) is £132m.

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Guardian Capital picks 60% stake in Rae & Lipskie Investment Counsel – Private Banker International

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Guardian Capital Group has signed a deal to acquire a 60% majority interest in the Ontario-based private wealth manager Rae & Lipskie Investment Counsel (The RaeLipskie Partnership).

Financial terms of the agreement were not disclosed. The deal is expected to close in the third quarter of this year, subject to regulatory approvals.

Current employees of The RaeLipskie Partnership will retain the remaining 40% ownership interest in the firm. It has assets under management (AuM) of over C$1.1 bn.

Guardian president and CEO George Mavroudis said: “We’re delighted to partner with such a well-respected firm and management team as we continue to grow our presence in the private client wealth space.

“This transaction will add over $1bn in assets under management to our Private Wealth segment and further extend our regional coverage in key markets.”

The RaeLipskie Partnership president and COO Brian Lipskie added: “Like Guardian, we have always believed in serving our clients with a customer-first and community-based approach to everything we do. We look forward to continuing to do so, but with the added strength and stability that comes from partnering with Guardian.”

Founded in 1962, Toronto-based Guardian specialises in wealth and investment management.

The firm provides a range of investment management solutions to institutional and private wealth clients through its subsidiaries and offers wealth management services to financial advisors in its national mutual fund dealer, securities dealer and insurance distribution network.

As of 31 March 2022, the firm had C$53.1bn of assets under management and C$30.5bn of assets under administration. It also managed a proprietary investment portfolio with a fair market value of C$741m at end of this March.

Last year, Guardian concluded its previously announced takeover of BNY Mellon’s wealth management and advisory services unit in Canada.

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Toronto investment bank Origin Merchant Partners to acquire Chicago advisory firm – The Globe and Mail

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Toronto-based investment bank Origin Merchant Partners is expanding into the U.S. market by acquiring Chicago-based InterOcean Advisors, creating a firm with more than 40 bankers in five cities.

Origin and InterOcean advise mid-sized public and private companies on mergers, acquisitions and raising capital, and are among a number of boutique investment dealers created in recent years by veterans of larger banks or professional services firms. The two employee-owned firms worked together on a number of cross-border transactions prior to merging.

“We are excited to join forces with InterOcean,” Jim Meloche, Origin’s managing partner, said in a press release. “With its deal and sector expertise, coupled with an extensive network of industry and capital provider relationships, the InterOcean team will enable us to better serve our US and Canadian clients across a range of sectors.”

M&A investment bank Origin Merchant Partners expands into Quebec

Two former leaders of Ernst & Young’s corporate finance team for automotive, building products and other industrial clients – Bill Doepke and Bob Wujtowicz – founded InterOcean in 2006. They named the firm after a Chicago business newspaper launched in the 1800s with a “pro-American industry stance” that became a touchstone publication for readers across the U.S. Midwest. Both founders are joining the merged firm.

Going forward, the company will be known as Origin, with offices in Toronto, Montreal, Chicago, Atlanta and Denver. The two investment banks did not release financial terms of the transaction.

Last year, Origin welcomed veteran investment banker Darren Williams as a principal in its Toronto office. He also began his career at E&Y, then went on to become an adviser to industrial companies and leader of the team that covers the sector for Origin. Mr. Williams said: “The combination of our capabilities will expand on the benefits we bring to our industrials clients, deepening our talent pool and growing our network of key relationships in the sector.”

Over the past two years – during the COVID-19 pandemic – Origin and InterOcean have completed more than 25 transactions, advising entrepreneurs and companies on divestitures, acquisitions and capital raising.

Boutique advisory firms such as Origin have successfully pitched their services as conflict-free alternative to bank-owned investment dealers, which earn fees from lending and underwriting equity offerings along with providing advice on transactions. A number of Origin’s founders started their careers at the investment banking arm of CIBC, then moved to independent dealers.

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Investment platform Qooore rebrands as Qure.Finance – Private Banker International

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Investment platform Qooore, which touts itself as a social investment platform for Gen Z, has rebranded as Qure.Finance.

Subsequently, the firm also launched paper trading in its iOS app to allow users to carry out risk-free trades based on insights from “finfluencers”.

Qure.Finance will also allow users to practice trading approximately 10,000 securities, including US stocks and ETFs, as well as more than 20 cryptocurrencies such as Bitcoin and Ethereum.

The firm will provide each user with $100,000 in virtual money that they can be used to make simulated trades on its app based on real-life market quotes.

The move is expected to help users enhance their trading skills without risking their money or paying fees.

Qure.Finance CEO Igor Sheremet said that paper trading will help to enhance both the financial literacy and trading skills of the community.

 Sheremet said: “Today marks a new chapter in our company’s development, as we launch paper trading under our new brand name.

“Thanks to paper trading, our users will not only be able to receive trading insights from leading content creators, but also test them out in real life, free of charge, with no financial risks attached – all within a sleek and user-friendly interface.

“We are making investing solutions more accessible to everyone, regardless of their level of skills or financial resources.”

The company plans to paper trading functionality for Android users in the coming months.

The San Francisco-based firm was founded in 2020 to provide social-media style trading insights from global financial influencers to young investors.

This April, women-focused robo advisory platform Ellevest secured an investment of $53m in a Series B funding round to expand its offerings and product solutions.

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