Modern World Business Solutions Secures £9 Million to Revolutionize UK Merchant Services

Table of Contents

1. Key Highlights
2. Introduction
3. The Landscape of UK Merchant Services
4. MWBS’s Growth Strategy
5. The Agnostic Approach: A Game Changer in Merchant Services
6. Recognition and Industry Accolades
7. Future Outlook: A Commitment to Fairness and Transparency
8. FAQ

Key Highlights

• Modern World Business Solutions (MWBS) has secured a £9 million growth fund to expand its operations in the UK’s merchant services sector.
• The funding will facilitate a significant increase in workforce, from 60 to over 200 employees, and enhance infrastructure for better payment solutions.
• MWBS’s agnostic approach allows businesses to access tailored payment solutions, driving transparency and cost savings in an evolving payments landscape.

Introduction

In the ever-evolving world of financial technology, few companies stand out as prominently as Modern World Business Solutions (MWBS). Recently, this award-winning fintech innovator made headlines by securing a significant £9 million growth fund, a move poised to reshape the landscape of business payments and merchant services in the UK. As more businesses transition to digital payment solutions, the demand for flexibility, transparency, and customized services has never been higher. MWBS’s latest funding round not only highlights its commitment to innovation but also underscores the shifting dynamics in the merchant services sector where independent, agile solutions are increasingly favored over traditional models.

The Landscape of UK Merchant Services

The UK merchant services market is undergoing a seismic shift, driven by the rapid adoption of card and contactless transactions. Recent regulatory changes from the Payment Systems Regulator (PSR) have opened new avenues for businesses to switch providers and review their payment processing fees. This regulatory environment has created fertile ground for innovative companies like MWBS, which are dedicated to providing tailored payment solutions that cater to the unique needs of small and medium enterprises (SMEs) and growing businesses.

The Rise of Contactless Transactions

In recent years, consumer behavior in the UK has drastically transformed, with card and contactless payments becoming the norm. This change has been accelerated by the COVID-19 pandemic, which prompted many businesses to adopt digital payment solutions rapidly. As a result, the demand for effective merchant services has surged, prompting companies like MWBS to step up and meet this growing need with innovative solutions.

Regulatory Changes and Their Impact

The PSR’s recent initiatives aimed at enhancing competition and transparency in the payments sector have leveled the playing field for businesses. These changes enable companies to easily switch payment service providers, allowing them to access better rates and services. For MWBS, this regulatory landscape presents an opportunity to position itself as a leader in providing accessible, compliant, and cost-effective payment solutions.

MWBS’s Growth Strategy

The £9 million funding secured by MWBS will be instrumental in facilitating its ambitious growth strategy. Over the next 18 months, the company plans to scale its workforce significantly, aiming to grow from 60 to over 200 employees. This expansion is not merely about numbers; it reflects a strategic intent to enhance the company’s capabilities across various functions.

Investing in Human Capital

A crucial aspect of MWBS's growth strategy involves rapid team expansion in critical areas such as sales, development, customer success, and compliance. By building a robust team, MWBS aims to deepen its market intelligence and enhance its service offerings. This workforce expansion will enable the company to respond more effectively to the evolving needs of its clients, ensuring that it remains at the forefront of the merchant services sector.

Enhancing Infrastructure for Better Service Delivery

The funding will also support significant investment in infrastructure, particularly in areas such as onboarding, merchant switching, and real-time transaction insights. These enhancements are designed to simplify the payment process for businesses, allowing them to focus on their core operations rather than navigating the complexities of payment solutions.

The Agnostic Approach: A Game Changer in Merchant Services

One of the standout features of MWBS's business model is its acquirer-agnostic, brand-neutral approach to payment solutions. This strategy allows the company to offer businesses a wide range of options without being tied to any specific acquiring bank, payment processor, or hardware provider.

Tailored Solutions for SMEs

MWBS's unique value proposition lies in its ability to compare, customize, and deliver the best-fit payment solutions for SMEs and growing enterprises. By offering a platform that empowers business owners to quickly assess various merchant service options—including hardware, transaction rates, and settlement timelines—MWBS ensures complete transparency and control. This approach not only simplifies the process of acquiring payment services but also helps businesses demystify the associated costs.

Setting a New Standard for Customer-Centric Fintech

In an industry often criticized for its lack of transparency, MWBS is setting a new standard for customer-first fintech solutions. The company’s commitment to providing clear, comparable, and compliant payment options positions it as a trusted partner for businesses navigating the complexities of card payments.

Recognition and Industry Accolades

In the past two years, MWBS has garnered multiple industry awards recognizing its commitment to technology innovation. These accolades underscore the company’s dedication to creating accessible and scalable fintech solutions that evolve alongside the businesses they serve. By prioritizing the needs of its clients, MWBS has established itself as a leader in the merchant services space.

Awards and Recognition

MWBS’s innovative approach has not gone unnoticed. The company has received accolades for its contributions to the fintech industry, highlighting its role in making payment solutions more accessible and tailored. These awards serve as a testament to MWBS’s commitment to excellence and its drive to continually improve the services it offers to businesses.

Future Outlook: A Commitment to Fairness and Transparency

The £9 million funding marks a pivotal moment for MWBS as it seeks to transform the payments landscape in the UK. Warren Whitfield, founder and CEO of MWBS, emphasizes that this growth is about more than just numbers; it’s about creating a fairer, more transparent payment ecosystem for all businesses.

Building Technology for Every Business

As MWBS continues to grow, its focus remains on building technology that serves every business, not just the large brands. This commitment to inclusivity is a cornerstone of MWBS’s philosophy and is reflected in its product offerings. By prioritizing the needs of SMEs, MWBS aims to level the playing field in the merchant services market.

The Importance of Agnostic Solutions

The company’s decision to secure funding without relinquishing equity is particularly noteworthy. This allows MWBS to maintain its agnostic approach, ensuring that it can continue providing merchants with transparent fees and solutions that genuinely work for them. In an industry where many companies prioritize profits over client needs, MWBS stands out as a beacon of ethical business practices.

FAQ

What is Modern World Business Solutions?
Modern World Business Solutions is a fintech innovator that provides tailored payment solutions to businesses across the UK, focusing on transparency and flexibility in merchant services.

How will the £9 million funding be used?
The funding will support rapid team expansion, enhance infrastructure for onboarding and transaction insights, and facilitate deeper market penetration in various sectors.

What makes MWBS different from other fintech companies?
MWBS employs an acquirer-agnostic approach, allowing businesses to access a wide range of payment solutions without being tied to specific providers, ensuring tailored services that meet their unique needs.

What sectors does MWBS target?
MWBS focuses on various sectors, including hospitality, retail, professional services, and e-commerce, aiming to provide innovative payment solutions across these industries.

How does MWBS ensure transparency in its services?
MWBS empowers business owners to compare merchant service offers transparently, including costs and hardware, to ensure they make informed decisions about their payment solutions.