AccessPay closes funding round at $24m

UK-based bank integration provider AccessPay has closed a strategic funding round, raising $24 million through a combination of equity and debt.

The round was led by True Ventures, a Silicon Valley-based venture capital firm, with participation from Praetura Ventures, NatWest, Mastercard, Route 66 Ventures and Beringea.

The capital injection will enable AccessPay, which is located in Manchester, to continue its pursuit of profitable growth, while increasing revenues sustainably.

A significant portion of the funding will be allocated to the company’s research and development efforts, ensuring value creation for its enterprise customers.

AccessPay also plans to use the investment to expand its capabilities in fraud and error prevention, bank statement data and reconciliation automation, ISO20022 data transformation, and to grow its presence in the US market.

Anish Kapoor, chief executive officer of AccessPay, said: “For us, it reflects investor confidence in our vision and potential for long-term growth.

“I’m exceptionally proud of our success since the company was founded in 2012, especially considering the macro-environmental challenges we have weathered over the years. This funding will play a crucial role for the latest stage of our evolution.”

Phil Black, co-founder of True Ventures, added: “AccessPay simplifies corporate and institutional banking processes by streamlining all bank and finance apps into a shared interface.

“This astute merging of automation, fintech, and tooling that improves processes for a massive market is what drew us to invest in this team since its seed investment, and we continue to feel excitement for the company’s next phase of growth and expansion.”

In recent years, AccessPay has made key hires and expanded beyond the UK into mainland Europe and the US through partnerships with Sage and Finastra.

The latest funding round will empower AccessPay to maximise these growth opportunities, including through potential acquisitions to expand its market presence and product offerings.

Praetura Ventures’ investment director Pete Carway said: “Beyond the capital investment, our operational partners – senior figures who have worked at Apple, ANS, Dr Martens, AO, JD Sports and OSTC – will be lending extensive experience, advice and support to the team as we aim to back businesses with more than money.”