An IT company that has developed cutting edge software to revolutionise the hospitality industry by providing an innovative ordering payments and E-money banking solution is the latest company to be supported by The Enterprise M3 Funding Escalator.
Staines based, Cibo Pay who were established in 2015, have successfully secured a £200,000 expansion loan to help them realise their growth ambitions.
Cibo have created an integrated cloud-based food & beverage and retail venue management system, which allows venues to control everything from one platform. This includes features that allow users to manage inventory, staff rotas, purchasing requirements, marketing and a full suite of reporting tools. The company’s platform is already being used by over 100 clients with more being added on a monthly basis.
Cibo Pay’s Chief Executive Officer, Faridoon Qazi said: “Over the last few years, Cibo has grown from a small software company for a couple of clients into one of the most successful hospitality technology companies internationally. Obtaining finance for growth is crucial for us to succeed and achieve our goals in the future. The funding will allow us to expand our operations with the creation of a series of marketing and sales positions across the company, as well as enabling us to purchase new equipment to ensure that we remain as market leaders in this fast-paced sector.”
James Edwards, Senior Fund Manager at the FSE Group, said: “Cibo Pay’s team is made up of highly skilled individuals who have an abundance of experience in the hospitality and payments sector, which puts the company in a strong position to grow in the coming years. We are pleased to be working with them through this next stage of growth and wish them all the success for the future.”
Kathy Slack, CEO, Enterprise M3 LEP, comments: “We are delighted that our Funding Escalator finance is ensuring Cibo Pay can grow and maintain its position as a trailblazing company. Our vision to deliver prosperity with innovation involves financially supporting innovative companies, like Cibo Pay, to reach their full potential which in turn, supports our vision of establishing our region as a global, hi-tech hub.”
The Enterprise M3 Funding Escalator II is a £10million initiative funded by Enterprise M3 Local Enterprise Partnership. The escalator, which includes an expansion loan scheme, a trade finance loan scheme and an equity growth fund, provides eligible companies with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities across the EM3 area.