Manchester-based fintech AccessPay has closed a $24 million funding round, which is a combination of equity and debt. The round was led by Silicon Valley-based VC True Ventures, with participation from Manchester-based investment firm Praetura Ventures (which invested in Sprout.ai and Sticky), NatWest, Mastercard, Route 66 Ventures, and Beringea.
The investment will primarily underpin AccessPay’s expansion across the US and supercharge its R&D efforts in fraud and error prevention, reconciliation automation, and ISO20022 data transformation.
Also, this round will provide AccessPay with the financial resources to maximise these strategic growth opportunities, including potential acquisitions to sustainably expand its market presence and offerings.
Streamlines banking experience
AccessPay was founded by Ali Moiyed and Anish Kapoor in 2012 in Manchester. It is driving digital transformation within finance and treasury teams, by modernising processes across banking operations, minimising the risk of fraud and error, enhancing efficiency and optimising cash visibility.
AccessPay provides a payment automation & bank data transformation platform to automate payments, collections and bank statement retrieval.
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.
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.”
