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AccessPay closes $24m funding round led by True Ventures

By Gloria Methri

March 22, 2024

  • Accesspay
  • Banking Integration Support
  • Banking Modernisation
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AccessPay, FinTech, Sage, Reconciliation, Sage Recommended Solution, UK, EuropeAccessPay, a UK-based bank integration provider, has closed its strategic funding round at $24 million using a combination of equity and debt. The round was led by True Ventures, a Silicon Valley-based VC firm, and participants included Manchester-based Praetura Ventures, NatWest, Mastercard, Route 66 Ventures, and Beringea.

This latest round of capital will strengthen AccessPay’s focus on profitable growth while bolstering its commitment to increasing revenues sustainably. A significant portion of the funding will be dedicated to AccessPay’s Research and Development work, as the company plans to further develop its capabilities in fraud and error prevention, bank statement data and reconciliation automation, and ISO 20022 data transformation and continue its rapid expansion in the US.

Phil Black, co-founder of True Ventures, said, “AccessPay simplifies corporate and institutional banking processes by streamlining all bank and finance apps into a shared interface. This astute merging of automation, fintech, and tooling that improves processes for a massive market is what drew us to invest in this team since its seed investment, and we continue to feel excitement for the company’s next phase of growth and expansion.”

Pete Carway, investment director at Praetura Ventures, added, “This investment underscores our commitment to backing Northern break-out successes and reiterates our desire to build strong relationships over time with the businesses we invest in. We look forward to partnering with Anish and the team on this exciting and innovative growth journey.”

Over the last couple of years, the AccessPay team has made several senior hires and expanded geographically beyond the UK via partnerships with Sage and Finastra. This round of funding will provide AccessPay with the financial resources to maximise these strategic growth opportunities, including potential acquisitions to expand its market presence and offerings sustainably.

Anish Kapoor, CEO at AccessPay, said, “We are thrilled to announce the close of our latest funding round. For us, it reflects investor confidence in our vision and potential for long-term growth. I’m exceptionally proud of our success since the company was founded in 2012, especially considering the macroenvironmental challenges we have weathered over the years. This funding will play a crucial role in the latest stage of our evolution.”

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