UK-based bank integration provider AccessPay has closed a strategic funding round at $24 million with a combination of equity and debt.
The round was led by True Ventures, the Silicon Valley-based venture capital firm, with participation from Manchester-based investment firm Praetura Ventures, NatWest, Mastercard, Route 66 Ventures, and Beringea.
A significant portion of the funding round will be dedicated to AccessPay’s Research and Development (R&D) work while the company said it plans to further develop its capabilities in fraud & error prevention, bank statement data and reconciliation automation. Further expansion of the solution in the U.S. will also be a key focus.
“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,” Phil Black, co-founder of True Ventures, said:
Over the last couple of years, the AccessPay team has made several senior hires, and expanded geographically beyond the U.K., including mainland Europe and the United States via partnerships with Sage and Finastra.
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 for the latest stage of our evolution.”
