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.
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 ISO 20022 data transformation, as well as to continue AccessPay’s rapid expansion in the US.
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 UK, 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 maximise 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.”