Kapoor venture raises millions to expand
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.