UK-based banking platform AccessPay closes $24m funding round

Silicon Valley VC True Ventures led the round

Banking platform Accesspay has announced a $24m equity and debt funding round led by True Ventures, a Silicon Valley-based venture capital firm. Manchester-based investment firm Praetura Ventures, NatWest, Mastercard, Route 66 Ventures and Beringea also participated in the round.  

Manchester, UK-based AccessPay will use the latest round of capital to focus on profitable growth and increase its revenues sustainably. A portion of the funding will be used for the company’s research and development work. AccessPay also wants to develop its capabilities in fraud and error prevention, bank statement data and reconciliation automation, and continue its expansion in the US.

Founded in 2012, AccessPay’s embedded platform digitises banking operations for clients including Admiral, Allica Bank, Amnesty International and Sainsbury’s Bank.  

Anish Kapoor, chief executive officer at AccessPay, said: “For us, it reflects investor confidence in our vision and potential for long-term growth. This funding will play a crucial role for the latest stage of our evolution.” 

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: “Beyond the capital investment, our operational partners will be lending extensive experience, advice and support to the team as we aim to back businesses with more than money.”  

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Josh Poyser Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.