UK payments company Retail Merchant Services (RMS) has been acquired by Palo Alto VC firm Technology Crossover Ventures (TCV) for an undisclosed amount.

TCV funded the deal via its $2.5 billion growth fund. As part of the deal RMS’ shareholders re-invested in the company as well and TCV general partner John Rosenberg has joined its board of directors. RMS had previously eschewed outside investors since it was founded in 2007.

“What especially attracted us to TCV is their tremendous expertise in the fintech sector and broader connections with technology leaders around the world,” said RMS managing director Gareth Poppleton.

“RMS is a very well-run, highly efficient and profitable payments services business with a strong sales culture,” added Rosenberg. “Paul [Bentham, founder], Gareth, and the team have built a durable operating model – with no outside investment – and have created a very loyal base of SME customers.”

TCV’s fintech portfolio already includes WorldRemit and Payoneer. Last year it launched its $2.5 billion fund last summer, making it one of the world’s largest venture funds.

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