Manchester-based fintech firm AccessPay has raised £9 million in a round led by Beringea, a venture capital firm with offices in the UK and US, bringing its total funding to over £13 million.
AccessPay provides automated, integrated cash management software for companies, allowing them to easily manage incoming and outcoming costs, fees and payments. It has over 500 corporate clients, ranging from ITV, to The AA, to Argyll and Bute Council, and processes 40 million transactions every year.
The company plans to use this round of funding, in which US-based investors True Ventures and Route 66 also participated, to expand its team and further develop its platform. AccessPay was founded in 2012 by serial entrepreneur Ali Moiyed, who departed the company in 2016 to found Aerobit Health. AccessPay is now headed by Anish Kapoor, who joined in 2014 to accelerate the company's "hyper growth phase." The company has a team comprised of almost 50 people currently, but will likely aim to grow its headcount as it scales its SaaS platform.
AccessPay competes primarily with Cashfac, AutoRek and Delio in the automated payment services space. As ever with fintech in the UK, it's a busy industry, with thousands of companies operating in either the B2B or B2C fintech space across the country -- but since 660,000 companies were formed in the UK in 2016, automated cash management firms such as AccessPay have plenty of market opportunities. (See Why is London a Global Leader in Fintech?)
The AccessPay team in Manchester. (Image: AccessPay)
Kapoor said in a pre-prepared statement: "The world of banking and financial management has changed and continues to do so at pace. Legislation, customer demand and rapid advances in technology, mean the choice of banking and financial services providers available to finance and treasury teams, especially those looking to transform their operations, is greater than ever before."
"The problem we continue to see are these services operating in total isolation to one another, which often means the corporate is faced with exposure to security, greater risk and complexity in day-to-day operations. Connecting these services through our platform, removes these issues and enables the change finance and treasury teams are looking for."
He added: "From the outset of our conversations, Beringea has recognised this challenge and the opportunity it presents for AccessPay to grow its market share, in the UK and beyond, and helping us with our mission of transforming finance and treasury teams."