Kapoor ven­ture raises mil­lions to ex­pand

The Daily Telegraph - Business - - Technology Intelligence - By Matthew Field

A START-UP based in Manch­ester and led by one of the co-founders of data cen­tre gi­ant TeleCity has raised mil­lions of pounds from ven­ture cap­i­tal back­ers to drive ex­pan­sion.

Ac­cessPay pro­vides back-end pay­ments and trea­sury tech­nol­ogy that con­nect busi­nesses to their bank­ing providers.

Led by Anish Kapoor, who founded TeleCity as a start-up in 1998 be­fore its 2000 list­ing, Ac­cessPay has raised £9m from back­ers in­clud­ing transat­lantic fund Beringea and US ven­ture cap­i­tal firms True Ven­tures and Route 66. Ac­cessPay cur­rently has 50 staff in Manch­ester.

It pro­vides a sys­tem for pay­ments, money trans­fers and fraud pre­ven­tion tech­nol­ogy for clients in­clud­ing ITV, Bar­clays and the AA. It plans to more than dou­ble its head­count to 120 on the back of the raise.

Mr Kapoor said many fi­nan­cial ser­vice tech­nol­ogy were op­er­at­ing “in to­tal iso­la­tion to one an­other”, with Ac­cessPay al­low­ing com­pa­nies to con­nect them up and im­prove se­cu­rity and stream­line op­er­a­tions.

While pay­ments com­pa­nies like Jack Dorsey-founded Square have made it eas­ier for busi­nesses to man­age cus­tomer pay­ments, Mr Kapoor said Ac­cessPay “brings that same level of sim­plic­ity to busi­ness-to-busi­ness pay­ments and cash man­age­ment. We are one of a few play­ers in the world fo­cus­ing on that space”.

TeleCity Group emerged in the early 2000s as a ma­jor data cen­tre sup­plier in Europe.

It went pub­lic in 2000, was taken pri­vate in 2005 and even­tu­ally bought out by US ri­val Equinix for £2.4bn. Mr Kapoor left TeleCity in 2001 after its ini­tial list­ing.

The en­tre­pre­neur went on to found Yu­uGuu, a video con­fer­enc­ing busi­ness sold to Pow­wownow in 2010.

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