PayPoint invests in open banking platform Aperidata

29th May 2024 09:16

(Sharecast News) - Payment tech group PayPoint has invested £1m in Aperidata to enhance its open banking solutions to clients, the company announced on Wednesday.

Aperidata, which is a credit reporting and open banking platform, is said to have been "instrumental" in PayPoint's recent work with Citizen's Advice Stevenage, launching an open banking-driven Customer Support Tool that has "cut the time spent by debt advisor's gathering and reviewing financial information of individuals seeking help, from an average of three weeks per case to just minutes", the company said in a statement.

The investment builds on an existing commercial partnership between the two companies delivering open banking solutions for clients across the government, local authorities, charities and housing associations.

"We're delighted to be investing in Aperidata, which will further enhance our open banking solutions and multichannel payments platform for clients in multiple sectors," said PayPoint's chief executive Nick Wiles.

"This investment will enable PayPoint to continue its diversification to digital and enable further growth in open banking, which is one of our key building blocks to delivering £100m EBITDA by the end of FY26."

The stock was more or less flat at 547.34p by 0927 BST.