AccessPay Raises $24 Million to Expand Global Footprint and Enhance Technology

Pete Carway, Investment Director at Praetura Ventures, and Anish Kapoor, CEO at AccessPay ● Photo Credit: AccessPay

MANCHESTER, England, March 22, 2024 (VSNewsNetwork.com) - AccessPay, Bank integration-as-a-Service Provider based in Manchester, has successfully completed a $24 million funding round, combining equity and debt. The investment was spearheaded by True Ventures, a venture capital firm based in Silicon Valley, with additional backing from Manchester's Praetura Ventures, NatWest, Mastercard, Route 66 Ventures, and Beringea.

This financial infusion is designated for accelerating AccessPay's trajectory towards profitable growth and reinforcing its commitment to augmenting revenue sustainably. The funds will predominantly support the company's Research and Development (R&D) initiatives, focusing on critical areas such as fraud & error prevention, bank statement data and reconciliation automation, and ISO20022 data transformation. Moreover, the investment will facilitate AccessPay's aggressive expansion efforts in the U.S. market.

Phil Black, co-founder of True Ventures, expressed his firm's rationale for backing AccessPay: “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.”

Pete Carway, investment director at Praetura Ventures, shared his optimism about AccessPay's future, stating: “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.”

Anish Kapoor, CEO of AccessPay, reflected on the significance of the funding round, saying: “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. 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.”

The funding round marks a significant milestone for AccessPay, enabling it to pursue strategic growth opportunities, including potential acquisitions, to expand its market presence and offerings sustainably.

For further details on AccessPay's services and future plans, visit www.accesspay.com.

Source: AccessPay via Newswire