Manchester-based fintech firm AccessPay has raised £9m to boost its expansion. The fast-growing specialist of cloud-based payments technology, received funds from transatlantic venture capital investor Beringea. The funding round, which was also backed by US investors True Ventures and Route 66, is one of the largest investments in a financial technology company in the north. This 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, Manchester.
CEO of AccessPay Anish Kapoor 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.” He added, “The problem we continued 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 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. “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.”
Founded in Manchester in 2012, AccessPay enables finance teams to 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, the software 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.
