Cloud payment firm gains access to £9m
MANCHESTER-BASED fintech firm AccessPay has raised £9m in investment to accelerate its expansion.
The fast-growing firm, a specialist in cloud-based payments technology, received the backing from Beringea, a transatlantic venture capital investor.
The funding round, backed also by US investors True Ventures and Route 66, is one of the largest investments in a financial technology company in the north.
It also marks the expansion of Beringea’s footprint in the region as the firm has launched its first dedicated office at WeWork in St Peter’s Square.
This expanded presence will enable Beringea to work more closely with the region’s scaling businesses and provide capital to support the acceleration of the region’s digital economy.
AccessPay was founded in Manchester in 2012. Its software enables finance teams to make cost and efficiency savings, as well as security improvements around global payments and cash management.
The platform connects corporate back-end systems with global banking and financial services providers.
Today AccessPay is used by more than 500 corporate clients across the UK including Barclays, the AA, and ITV and processes over 40 million transactions a year.
It will use this investment to expand its sales, marketing and engineering teams and further develop its software platform.
Anish Kapoor, CEO of AccessPay, said: “The world of banking and financial management has changed and continues to do so at pace. Legislation, customer demand and rapid advances in technology mean the choice of banking and financial services providers available to finance and treasury teams, especially those looking to transform their operations, is greater than ever before.
“The problem we continue to see are these services operating in total isolation to one another. Connecting these services through our platform removes these issues and enables the change finance and treasury teams are looking for.”
Maria Wagner, investment director at Beringea, said: “Beringea seeks to back thoroughbreds that can become lasting successes. Corporate payments have not seen the same level of innovation as consumer payments. AccessPay’s platform solves a big pain point for large corporates.’’