Manchester’s AccessPay, a leading fintech firm, has successfully closed a $24 million funding round, a blend of equity and debt financing. Silicon Valley’s True Ventures spearheaded the investment, with contributions from Manchester’s Praetura Ventures, NatWest, Mastercard, Route 66 Ventures, and Beringea.
This investment is set to fuel AccessPay’s growth in the US market and enhance its research and development efforts in areas such as fraud and error prevention, reconciliation automation, and ISO20022 data transformation. Additionally, the funding will equip the startup with the resources needed for strategic growth initiatives, including potential acquisitions to broaden its market reach and product offerings.
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Revolutionizing Finance and Treasury Operations
Founded in 2012 by Ali Moiyed and Anish Kapoor, AccessPay is at the forefront of digital transformation for finance and treasury teams. The company’s innovative platform automates payments, collections, and bank statement retrieval, streamlining banking operations, reducing fraud and error risks, and improving efficiency and cash visibility.
Phil Black, co-founder of True Ventures, praised AccessPay’s approach to simplifying corporate and institutional banking by integrating all bank and finance apps into a unified interface. “This smart combination of automation, fintech, and process improvement tools for a vast market is what attracted us to continue our investment in AccessPay,” Black commented.
Pete Carway, investment director at Praetura Ventures, expressed enthusiasm for supporting the fintechs international expansion. “We’ve been impressed with the business Anish and his team have built. As investors committed to supporting the best in the North, we’re excited to contribute to AccessPay’s global growth,” Carway added, highlighting the additional support from Praetura Ventures’ operational partners.
Anish Kapoor, CEO of AccessPay, expressed gratitude for the investment, viewing it as a testament to investor confidence in the company’s vision and growth potential. “This funding is pivotal for our next development phase, and I’m incredibly proud of our achievements since our inception, especially given the macroeconomic challenges we’ve faced,” Kapoor stated.
With this latest round of funding, the company is poised for significant expansion and innovation, aiming to redefine the banking experience for finance and treasury teams worldwide.
