Earthport secures £3.25 million first-year franchise deal

Earthport secures £3.25 million first-year franchise deal

UK-based digital payments firm Earthport is set to take receipt of a first-year £3.25 million franchise fee from Zink Financial for the territories of Central America, South America and the caribbean.

Under the agreement, a detailed franchise operating contract between the two parties will be signed by early 2010, setting out terms for a five-year franchise deal. These terms will also provide for additional monies relating to professional services and monthly maintenance fees.

Zink will represent the interests of a number of financial institutions in the region, such as existing Earthport customer, Hatfield Oak International.

The deal provides a boost for the loss-making UK firm, which has been reviewing strategic options since last June.

Shares in the vendor moved up 19.5% by 4.5 pence to 27 pence in early-morning trading.

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