PayPoint Plc buys i-movo digital voucher specialist

Mills & Reeve has just completed on the acquisition by PayPoint Plc of i-movo, following approval from the Financial Conduct Authority.

i-movo is the UK's leading secure digital voucher system, having processed more than twenty million transactions with an aggregate value of over £400 million. The service distributes vouchers by SMS, email, direct mail or mag-stripe card, which are accepted by over 60,000 retailers as a trusted form of payment. i-movo has been a key partner of PayPoint for many years providing the platform for the CashOUT service used by over 100 UK local authorities, the Department for Work & Pensions as well as to many charities and other agencies. The service has proved vital for many communities during the Covid-19 pandemic for school meal replacements, emergency energy credits and other services.

PayPoint help millions of people to control their household finances, make essential payments and access in-store services like cash withdrawals, eMoney, parcel collections and drop-offs. Their UK network of more than 27,500 stores is bigger than all banks, supermarkets and Post Offices together, putting them at the heart of communities nationwide. 

Chris Paul, Head of Corporate Finance at PayPoint said: “It was great to work with the Mills & Reeve team on this acquisition. We really valued the commercial and pragmatic approach taken by Alex and Emily, focusing on key issues and providing clear and timely advice with real emphasis on getting the deal done and always having an eye on the bigger picture and what was most important to PayPoint.”

Alex Kenworthy, Prinicipal associate at Mills & Reeve said: “We really enjoyed working with Chris and the PayPoint team on this transaction. It is a further example of our strong track record in advising technology businesses on important strategic acquisitions”.

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