Manchester-based FinTech AccessPay has raised £6.2 million in growth capital from NatWest Venture & Growth Finance.
NatWest Venture & Growth Finance provides flexible debt finance of between £2m-£15m for up to four years, targeted towards high-growth UK technology companies at the scale-up stage, which have already secured the backing of institutional investors.
AccessPay was founded in Manchester in 2012 and was the fastest growing FinTech company outside of London, according to the Deloitte Fast 50 rankings in 2019.
The ‘bank integration-as-a-service’ company featured in third spot in our FinTech 50 innovation ranking last year.
Sean Moriarty, CFO at AccessPay, said: “We are really pleased to have raised this growth funding from NatWest and build on what we expect to be a long-term and valuable relationship.
“Thanks to all the NatWest team who have been very professional and responsive and clearly got to grips with what we do very quickly which gave us a lot of confidence in choosing NatWest as the right banking partner.
“We look forward to developing our relationship further as we continue to scale our operations.”
Kristine Erwin, director at NatWest Venture & Growth Finance, said: “AccessPay is solving clear pain points in corporate and institutional banking, and with growing complexity in the market, a variety of financial services and changing regulation, AccessPay’s products are increasingly critical.
“The beauty of AccessPay to a corporate or institutional client is that they offer a single interface to connect with multiple banks and finance applications – it’s everything you need in one place.
“It streamlines financial operations, from payments and collections to cash visibility. It sounds simple but the underlying technology that sits behind it is very impressive.
“We want to continue to build long-term relationships with high growth businesses like AccessPay who form the heart of the UK economy, driving innovation and job creation.”
Last year MaxContact, the Manchester-based contact centre software company, received an undisclosed amount of new funding from NatWest Venture & Growth Finance.
Simon Foss, Vice President at NatWest Venture & Growth Finance, said: “We’re actively looking for high growth businesses in the Northern region where we strong potential for further growth.
“We have £200m to deploy into the high growth category and our sweet spot is B2B software businesses with good investor backing and ideally a recurring revenue base across a range of sectors including FinTech, HealthTech, RegTech, HR-Tech, AdTech and others.”
Anish Kapoor has been at the helm of AccessPay for more than a decade and has led the company through a period of sustained growth.
In 2019 AccessPay received a £9m investment in one of largest ever investments in a FinTech company based in the North.
The investment round was led by transatlantic venture capital investor Beringea, alongside US-based investors True Ventures and Route 66 Ventures.