AccessPay has received £9m investment in what is described as one of largest ever investments in a FinTech company based in North.
Transatlantic venture capital investor Beringea led the investment round – which also included US investors True Ventures and Route 66 – into the Manchester-based firm.
AccessPay – the fastest growing FinTech company outside of London, according to the Deloitte Fast 50 rankings – says it will use the investment to expand its sales, marketing and engineering teams and further develop its software platform.
The investment marks the expansion of Beringea’s footprint in the North of England, as the firm has launched its first dedicated office in the region in central Manchester as it looks to work more closely with the region’s scaling businesses.
“The world of banking and financial management has changed and continues to do so at pace,” said AccessPay CEO Anish Kapoor, who has previously built a number of multi-million-dollar technology companies including TeleCity.
“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.”
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AccessPay, which received £1m investment from the Northern Powerhouse Investment Fund early last year, was founded in Manchester in 2012 and it has quickly grown into an established leader in FinTech.
Its platform enables finance and treasury teams to achieve significant 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.
AccessPay 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.
Beringea investment director Maria Wagner, who led the deal, 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.”