AccessPay gets £9m investment for wealthtech connections
AccessPay, a Manchester-based fintech firm, has completed a £9 million investment round led by Beringea, a venture capital investor, and supported by US investors True Ventures and Route 66.
Beringea is also setting up an office in Manchester, aiming to expand its footprint in the north of England. The firm aims to support the region’s digital economy.
AccessPay, founded in 2012, enables finance and treasury teams to achieve cost and efficiency savings, as well as security improvements around payments and cash management. The platform connects corporate back-end systems with banking and financial services providers. The fintech has over 500 corporate clients across the UK including Barclays, the AA, and ITV.
The firm is led by Anish Kapoor, co-founder of TeleCity, Europe’s largest data centre operator, which was recently acquired for $3.6 billion by a US acquirer.
Kapoor comments: “The world of banking has changed and continues to do so at pace. 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.”
It will use this investment to expand its sales, marketing and engineering teams and further develop its software platform.
Maria Wagner, investment director at Beringea, adds: “Beringea seeks to back thoroughbreds that can become lasting successes. Corporate payments have not seen the same level of innovation as consumer payments.”
This latest round for AccessPay brings its total funding to over £13 million and its headcount has grown to almost 50 employees.
Beringea manages over $700 million in funds in the UK and the US with over 60 portfolio companies spanning North America and Europe.