UK Payments Firm Raises £50m for New System
UK Payments Delivery Company (UK PDC) has launched an equity-raising round to provide the capital needed to build a new national payments infrastructure in the United Kingdom. The initial target for the round is roughly £50 million, according to sources.
Leading UK banks, payment-service providers and lending institutions have been approached to participate in the financing effort. Nineteen firms, among them the four largest high-street banks, have already pledged early funding and taken on sponsorship roles, signalling strong industry backing. Additional participants listed include Citi, JP Morgan Chase, Nationwide, PayPal, Wise, Mastercard and Visa, each of which brings a distinct set of capabilities and market reach to the consortium.
In July 2025 a governance framework was put in place to supervise the overhaul of the country’s retail payments system. The structure comprises the Retail Payments Infrastructure Board, which is chaired by the Bank of England, and DeliveryCo, an entity that operates under the UK PDC banner and is responsible for procurement, financing and implementation of the new platform. This arrangement is designed to separate strategic oversight from day-to-day execution, thereby ensuring clear lines of accountability.
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Vim Maru, chief executive of Barclays UK, has been named chair-designate of DeliveryCo. His immediate task is to define the working relationship with the Board and to produce a detailed blueprint for the future system, a document that is expected to be finalised in the first quarter of 2027.
The organisation is still searching for a permanent chief executive, and its website notes that formal board appointments will be confirmed as the entity is established.
The capital raise is intended to fund UK PDC’s operations through 2028 and to meet its initial development milestones. It also offers eligible organisations the chance to become shareholders at an early stage of the company’s evolution.
