TCV, a provider of capital to growth-stage private and public enterprises in the technology industry, has purchased British payments services company Retail Merchant Services (RMS).
RMS, which was established in 2007 to deliver affordable card payment solutions to small businesses, has grown into a trusted payment services provider by offering payments solutions to SMEs.
TCV noted that the takeover and associated investment will support RMS’ next phase of growth and continued innovation of payment services for its merchant customers.
Under the terms of the transaction, John Rosenberg, general partner at TCV, will join the company’s board of directors, together with Jim Aviles, former COO of Merchant e-Solutions. The investment in RMS comes from TCV’s $2.5bn growth fund.
RMS founder Paul Bentham said: “TCV has a stellar track record and brings a genuinely distinct approach of real partnership with CEOs and founders as they scale their business to reach market leadership.”
RMS managing director Gareth Poppleton said: “What especially attracted us to TCV is its tremendous expertise in the fintech sector and broader connections with technology leaders around the world.”
Financial terms of the transaction have not been disclosed.