UTP Payment

Company History & Background

UTP Group Ltd was established in 2013 in Reading, United Kingdom, by entrepreneur Michael Ault. The company was launched as a direct sales partner of Barclaycard, one of the UK’s largest payment acquirers, allowing UTP to offer merchant accounts and card processing services to SMEs under the Barclaycard brand. Over the next decade, UTP expanded its product range to include mobile card readers (such as the popular “Tap Machine” and “Mini” devices), an ecommerce payment gateway, and working capital advances. The company grew to serve thousands of small businesses across the UK, Gibraltar, and the Republic of Ireland, competing against larger providers like Worldpay, Square, and SumUp by focusing on transparent pricing and dedicated UK-based customer support.

In 2025, UTP Group was acquired by myPOS, a European fintech company headquartered in Bulgaria with a strong presence in 35 countries. The acquisition was announced in April 2025 and completed later that year. Under the deal, UTP’s existing merchant base was migrated to myPOS’s technology platform, and UTP’s website (utpgroup.co.uk) was subsequently shut down. A new support portal was established at utpgroupltd.co.uk, which now redirects existing Barclaycard customers to myPOS’s UK operations. The acquisition was widely covered in payments industry media, with myPOS citing UTP’s strong UK SME relationships as a key driver.

Products & Services

UTP Group historically offered a comprehensive range of payment solutions, many of which remain available through the myPOS platform:

- Countertop Card Machines: Traditional fixed terminals for retail environments, supporting contactless, chip & PIN, and mobile wallet payments. - Mobile Card Readers: Portable devices including the “Tap Machine” (a battery-powered terminal for takeaway and market traders) and the “Mini” (a compact, Bluetooth-enabled reader for micro-merchants). - Tap-to-Pay on Phone: Software-based mobile acceptance that allows merchants to accept contactless payments directly on an NFC-enabled Android or iOS smartphone without additional hardware. - Ecommerce Payment Gateway: An online payment integration supporting major cards, digital wallets, and recurring billing, with plugins for platforms like WooCommerce, Shopify, and Magento. - Business Funding: Working capital advances based on card transaction history, providing quick access to funds for inventory, equipment, or expansion. - myPOS App & Dashboard: Real-time transaction monitoring, settlement tracking, and reporting tools accessible via mobile app or web portal. - Instant Settlement: Same-day or next-day payout options for approved merchants.

Market Position & Competition

Prior to acquisition, UTP Group was considered a mid-tier payment facilitator in the UK market, competing with the likes of Worldpay, Barclaycard Payments, dojo, Trust Payments, and Elavon. The company’s differentiation lay in its Barclaycard partnership (giving it direct access to the UK’s largest acquirer), transparent pricing with no hidden fees, and a strong emphasis on customer service for small businesses. Since joining myPOS, the combined entity leverages myPOS’s pan-European scale and advanced technology while retaining UTP’s local UK customer base. The acquisition also aligns with myPOS’s strategy to expand its merchant footprint in the UK and Ireland, which together represent one of the largest card payment markets in Europe.

Licensing & Regulation

UTP Group was authorised and regulated by the Financial Conduct Authority (FCA) as a payment institution. Following the acquisition, UTP’s regulatory permissions have been integrated into myPOS’s European licensing framework, which includes authorisation from the Bulgarian National Bank (BNB) as an electronic money institution, passported into the UK under the temporary permissions regime. The company also adheres to PCI DSS Level 1 security standards.

Current Status

As of mid-2025, UTP Group no longer operates as an independent brand. All new business is conducted under the myPOS UK name. The legacy UTP website serves as a support hub for existing customers with active Barclaycard contracts. There is no longer a standalone UTP product line; instead, merchants are offered the full myPOS ecosystem, which includes additional features like multicurrency accounts, business debit cards, and virtual IBANs. The acquisition marks the end of UTP’s independent journey, but the company’s legacy continues through its integration into one of Europe’s fastest-growing payment platforms.