Intelligent Point of Sale secures £550,000 to expand iPad based till point app
Fast-growing UK app developer Intelligent Point of Sale has secured a £550,000 investment which will enable the software firm to expand, franchise its business model internationally and appoint executive staff.
24Haymarket, a group of investors who supply private capital to pioneering entrepreneurs has invested £500,000 along with £50,000 of debt funding provided by the East of Scotland Investment Fund. Quest Corporate advised on the investment deal.
The intelligentpos® app undercuts traditional £3000 EPOS systems with a full system, including iPad for just £700. Ongoing service fees are also lower. IPOS competes with software developed by large US providers, and has won over customers such as Underbelly, the UK's biggest festival operator and Second Cup the world’s 2nd fastest expanding coffee franchise.
Downloadable from the Apple app store, the software comes fully integrated with Xero and iZettle, making cloud-hosted accounting and contactless payments possible. Other unique features include a customer loyalty system driven by barcoded key fobs and card payment tokenization.
Commenting on the investment Ian Gray, Director at 24Haymarket said:
“We firmly believe that Intelligent Point of Sale has spotted a real gap in the market with its iPad based app. The firm’s successful business model has the potential to expand internationally, change the way businesses configure their operations and improve the experience of customers making payments.
“Our decision to invest £500,000 was helped by the fact that the innovative product and service which Intelligent Point of Sale has developed is attractive not only with small businesses but also with large commercial operators looking to stay ahead of the market.”
Nominated for the Emerging Business of the Year award at this year’s Scottish Business Awards, Intelligent Point of Sale is now in the process of hiring a Chief Operating Officer as well as a Sales and Marketing Director to accelerate the firm’s expansion in an industry worth billions of pounds annually.
The company is also relocating to a larger Edinburgh premises to accommodate this growth, and is developing franchise plans to take the business model abroad.
Paul Walton, Director and co-founder at Intelligent Point of Sale Limited, said:
“We’re delighted to have secured £500,000 of investment from 24 Haymarket and a further £50,000 from the East of Scotland Investment Fund to kick start the next phase in our company’s short but successful history.
“Going forward we knew we wanted to work with people who had a solid track record in backing innovative companies, and 24Haymarket certainly match that description.
“Since taking on our first member of staff last year, we’ve seen the company grow at a staggering rate. In 2014 our user base increased by over 200%, and we’re now on target for 750 unique retail and hospitality users.”
Explaining why there has been such interest in the intelligentpos® system, co-founder Robin Knox said:
“With the vast majority of businesses wanting to cut overheads and cater to increasingly tech-savvy customer bases, more are turning to innovative point of sale solutions which increase their control and efficiency.
“Since becoming the UKs first firm to supply iPad based till software we’re aware that there is significant competition in the growing EPOS sector. We’ve always chosen usability over design and feel that this is testament to our success so far.”
Stephen Paterson, Director of Quest Corporate, an Edinburgh-based corporate finance boutique that supported the funding, said:
“We are very pleased to facilitate this growth capital as we see Intelligent Point of Sale as one of Scotland’s most exciting cloud based technology businesses.”
Paul Walton and Intelligent Point of Sale co-founder Robin Knox, built the UK’s first iPad-based till software in 2013, initially working out of an Edinburgh kitchen. It took on its first employee last April and by the end of 2014 was employing 14 staff and supporting 500 bars, hotels and retailers with its app.
27 Maritime Street
Edinburgh EH6 6SE
Tel: 0131 554 1230
Mob: 07866 602 985
Fax: 0131 554 1549
Edinburgh-based Intelligent Point of Sale Limited supply computerised cash register software and hardware to small and large businesses throughout the UK and the world.
The product – intelligentpos® - is an iPad and cloud-based point of sale application which allows businesses to process transactions with portable and flexible hardware and software. intelligentpos® allows business owners to remotely monitor their commercial activity, manage staffing levels and alter products and offers.
The intelligentpos® system employs the SaaS (Software as a service) model, allowing users to benefit from external hosting and instant software updates.
intelligentpos® is fully integrated with mature POS apparatuses such as iZettle, chip and pin provider Verifone, and Xero – the world’s number one cloud accountancy system.
intelligentpos® is a hybrid cloud system, meaning that it is not internet reliant.
Founded in October 2012 by business partners Robin Knox and Paul Walton, Intelligent Point of Sale Limited employ 16 members of staff in Edinburgh. intelligentpos® packages start from £39 plus VAT per month for the use of one iPad.