World-leading private equity investor Accel-KKR has acquired a majority stake in AccessPay.
The deal for the Manchester FinTech realises an exit for Maven Capital Partners.
AccessPay, a bank integration and payment automation provider, said the deal – for an undisclosed sum – opens the door for it to pursue growth via strategic acquisitions.
AccessPay was founded in Manchester by Ali Moiyed as the first cloud-based BACS software in the UK. In 2014 Anish Kapoor (pictured) joined as CEO and has led the business since that moment. He will continue as CEO following the fresh investment.
Kapoor was previously the co-founder and CEO of Yuuguu, a remote desktop tool which he exited to telecommunications firm Powwownow in 2010.
In 2018, NPIF – Maven Equity Finance – managed by Maven and part of the Northern Powerhouse Investment Fund – invested £1 million to enable the business to significantly scale its operations and invest in a recruitment drive to grow its team to support rapid revenue growth.
Today AccessPay, which employs more than 130 people, connects back-office finance systems to banks, providing clean, structured payment and bank statement data required for automation.
In 2024 it raised £19m – a combination of equity and debt – led by True Ventures, a Silicon Valley-based venture capital firm, with participation from Praetura Ventures, NatWest, Mastercard, Route 66 Ventures and Beringea.
True Ventures and Mastercard remain investors in the business.
“Maven were early supporters of AccessPay’s vision, investing at a point when we were looking to scale our market presence,” said Kapoor after the deal secured a 2.5x return for the investor.
“That backing contributed to the growth that has brought us to where we are today, serving more than 1,000 customers globally. I’m grateful for their support.”
He continued: “As a scaleup business preparing for its next growth phase, AccessPay was looking for an investor with a track record in enterprise software investment.
“Accel-KKR was the standout choice for us thanks to its experience in technology investing and domain expertise. Its backing not only means we can innovate at scale, but, as a platform investment, opens the door to pursue accelerated growth through acquisition.
“We are confident in what both firms can develop together and the role we can play in shaping the future of finance and treasury operations.”
Phil Cunningham, managing director at Accel-KKR, said: “AccessPay plays a crucial role in helping to optimise finance operations, increasing automation, improving cash visibility, and reducing the risk of fraud and error. It also has a reputation for delivering outstanding customer service.
“The company aligns closely with our portfolio of investments, delivering mission-critical solutions to the office of the CFO, and we look forward to supporting CEO Anish Kapoor and his team.”