Manchester fintech firm AccessPay has received a £9m investment from transatlantic venture capital investor Beringea.
The funding round was backed by US investors True Ventures and Route 66 and is one of the largest ever investments in a financial technology company in the North.
Beringea recently launched its first dedicated office in Manchester and is aiming to provide capital to support the acceleration of the region’s digital economy.
AccessPay was founded in Manchester in 2012 and its platform enables finance and treasury teams to achieve cost and efficiency savings.
It is used by more than 500 corporate clients across the UK, including Barclays, the AA and ITV and processes more than 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 (above), 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, which often means the corporate is faced with exposure to security, greater risk and complexity in day-to-day operations. Connecting these services through our platform, removes these issues and enables the change finance and treasury teams are looking for.
“From the outset of our conversations, Beringea has recognised this challenge and the opportunity it presents for AccessPay to grow its market share, in the UK and beyond, and helping us with our mission of transforming finance and treasury teams.”
Maria Wagner, Investment Director at Beringea, added: “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. We were really impressed with the team and Anish’s leadership and we look forward to joining them on this journey to harness a global market opportunity.”
