Manchester-based AccessPay has secured $24m in its latest funding round, led by Silicon Valley-based venture capital firm, True Ventures.
The company said that it would use the investment to “further propel momentum and expansion.”
The bank integration provider specialises in modernising processes across banking operations, with the aim of minimising the risk of fraud and error.
“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,” said Anish Kapoor, CEO at AccessPay.
“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.”
Phil Black, co-founder of True Ventures, added:
“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.”
Also participating in the funding round were NatWest, Mastercard, Route 66 Ventures, Beringea and Manchester-based Praetura Ventures.
It comes as Praetura has been announced as the new operator of the £660m Northern Powerhouse Investment Fund, which had been managed by Maven Capital Partners for the last 5 years.
“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,” explained Pete Carway, Investment Director at Praetura Ventures.
“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.”
AccessPay explained that a “significant portion” of the funding would be dedicated to its research and development. This will include developing its capabilities in fraud & error prevention, bank statement data and reconciliation automation, and ISO 20022 data transformation, as well as to continue its rapid expansion in the US.
