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Silicon Valley VC backs $24M round for UK fintech AccessPay

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TLDR:

  • Silicon Valley VC True Ventures leads a $24 million funding round for UK-based fintech AccessPay
  • Investment to fuel expansion in the US and R&D efforts in fraud prevention, reconciliation automation, and more

Manchester-based fintech AccessPay has recently closed a $24 million funding round, a mix of equity and debt, with Silicon Valley-based VC True Ventures taking the lead. Other participants in the round include Praetura Ventures, NatWest, Mastercard, Route 66 Ventures, and Beringea. This investment will support AccessPay’s expansion into the US market, as well as enhance its research and development efforts in fraud prevention, error reconciliation, and ISO20022 data transformation.

AccessPay, founded in 2012 in Manchester by Ali Moiyed and Anish Kapoor, focuses on digital transformation within finance and treasury teams by modernizing processes across banking operations to minimize risks of fraud and errors, boost efficiency, and optimize cash visibility. The company offers a payment automation and bank data transformation platform that automates payments, collections, and bank statement retrieval.

Phil Black, the co-founder of True Ventures, praised AccessPay’s ability to simplify corporate and institutional banking processes by consolidating various finance apps into a single interface. Notable for its automation, fintech, and process improvement tools, AccessPay has garnered support from investors who see its potential for substantial growth and expansion in the market.

AccessPay’s CEO, Anish Kapoor, expressed excitement over the successful funding round, attributing it to investor confidence in the company’s vision and long-term growth prospects. The investment is seen as crucial for the next stage of AccessPay’s evolution, providing the necessary financial resources to support its strategic growth opportunities, including potential acquisitions to further expand its market presence and offerings.

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