Manchester-based bank integration solution AccessPay will use investment to further propel momentum and expansion
MANCHESTER, ENGLAND / ACCESSWIRE / March 21, 2024 / AccessPay, the leading bank integration provider, today announced that it has closed its strategic funding round at $24 million with a combination of equity and debt. The round was led by True Ventures, the Silicon Valley-based venture capital firm, with participation from Manchester-based investment firm Praetura Ventures, NatWest, Mastercard, Route 66 Ventures, and Beringea.
Pete Carway, Investment Director at Praetura Ventures, and Anish Kapoor, CEO at AccessPay
This latest round of capital will be instrumental in driving AccessPay's focus on profitable growth while bolstering its commitment to increasing revenues in a sustainable manner. A significant portion of the funding round will be dedicated to AccessPay's Research and Development (R&D) work, ensuring continued value creation for its enterprise customers. Notably, the company plans to further develop its capabilities in fraud & error prevention, bank statement data and reconciliation automation, and ISO20022 data transformation, as well as to continue AccessPay's rapid expansion in the U.S.
Phil Black, co-founder of True Ventures, said: "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."
Pete Carway, investment director at Praetura Ventures, said: "We've admired the business that Anish and his team have been building for years. As an investor who's proud to back the best in the North, we are excited to support AccessPay's global expansion efforts. Beyond the capital investment, our operational partners - senior figures who have worked at Apple, ANS, Dr Marten's, 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.
"This investment underscores our commitment to backing Northern break-out successes and reiterates our desire to build strong relationships over time with the businesses we invest in. We look forward to partnering with Anish and the team on this exciting and innovative growth journey."
Over the last couple of years, the AccessPay team has made several senior hires, and expanded geographically beyond the U.K., including mainland Europe and the United States via partnerships with Sage and Finastra. This round of funding will provide AccessPay with the financial resources to maximize these strategic growth opportunities, including potential acquisitions to sustainably expand its market presence and offerings.
Anish Kapoor, CEO at AccessPay, said: "We are thrilled to announce the close of our latest funding round. 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 macroenvironmental challenges we have weathered over the years. This funding will play a crucial role for the latest stage of our evolution."
About AccessPay
AccessPay is driving digital transformation within finance and treasury teams, by modernizing processes across banking operations, minimizing the risk of fraud and error, enhancing efficiency and optimizing cash visibility. Headquartered in Manchester, U.K., and established in 2012, AccessPay is a pioneering force in the banking industry, providing an unparalleled embedded banking experience and leading-edge solutions for its clients. To learn more, visit www.accesspay.com or follow us on LinkedIn: AccessPay
About True Ventures
Founded in 2005, True Ventures is a Silicon Valley-based venture capital firm that invests in early-stage technology startups. With more than $3.8 billion under management, True provides seed and Series A financing to entrepreneurs in some of today's fastest-growing markets. To date, True has helped more than 350 companies launch and scale their businesses, creating over 85,000 jobs worldwide. To learn more, visit www.trueventures.com.
About Praetura Ventures
Praetura Ventures is a Manchester-based venture capital firm which invests in early-stage, high-growth businesses across the U.K., with a particular focus on supporting entrepreneurs across the North of England. Praetura Ventures is committed to adding value post-investment and providing the ‘more than money' support that businesses need to grow, including additional expertise, resources, networks and guidance, to its investee companies.
Since 2019, Praetura Ventures has backed 40 companies, including Northern-headquartered businesses Culture Shift, XR Games and Peak. Learn more at praeturaventures.com.
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SOURCE: AccessPay
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