PayPoint makes £6.6 million investment in Snappy Group

PayPoint has announced a £6.6 million investment in the Snappy Group home delivery business.

The deal will see PayPoint acquire a stake in the Dundee-based firm with PayPoint Group’s CEO, Nick Wiles, taking a seat on the board of Snappy Group, which is formed of two businesses: Snappy Shopper and Hungrrr.

It comes on the heels of former Sainsbury’s CEO Justin King taking a “significant” stake in the company and also joining the board following the launch of a Series A funding round, which went on to raise £19.4 million.

And it also builds on an announcement last month of a partnership in which PayPoint One EPoS customers will be given access to the Snappy Shopper platform, and with it the ability to offer home delivery and Click and Collect options.

The snacks are coming home, they're coming home 🍫🍕🍻🚚⚽️🏆 https://t.co/qbFVavv0Z9
— Snappy Shopper (@SnappyShopperUK) July 7, 2021

Wiles says: “This investment will enable PayPoint and our network of convenience retailer partners to remain at the forefront of retail and consumer trends.”

Mike Callachan, Co-founder, Snappy Group, comments: “Demand for the fundraise exceeded our expectations and we are pleased to have attracted such high profile investors.”

“Post-lockdown the demand for home delivery and the desire to shop locally is greater than ever, but the increasing number of anonymous dark stores is a threat to local businesses and communities, which must not be underestimated.”

“We are well placed to empower local business to offer another great service to their customers, and better compete in this fast changing retail market.”