AccessPay, a leading bank integration provider, announced today that it has closed a strategic funding round, amassing $24m.
The round was led by the Silicon Valley-based venture capital firm True Ventures, with contributions from a consortium including Manchester-based investment firm Praetura Ventures, NatWest, Mastercard, Route 66 Ventures, and Beringea.
This capital injection marks a significant milestone for AccessPay, which stands at the forefront of streamlining financial processes for corporations and institutions.
The company specializes in integrating a myriad of bank and finance applications into a unified interface, simplifying corporate and institutional banking processes. Through its innovative platform, AccessPay addresses the complex challenges of fraud and error prevention, bank statement data, reconciliation automation, and ISO 20022 data transformation.
With a sharp focus on R&D, AccessPay is committed to enhancing its service offerings, thereby ensuring its enterprise customers continue to receive unparalleled value.
The proceeds from this funding round will be primarily allocated towards R&D efforts, aiming at propelling AccessPay towards profitable growth and sustaining revenue increases. A significant portion of the investment will support the development of advanced fraud prevention mechanisms, and automation capabilities, further solidifying AccessPay’s position in the market.
Additionally, the company plans to accelerate its expansion in the United States, leveraging the financial resources to maximize strategic growth opportunities, including potential acquisitions.
Phil Black, co-founder of True Ventures, praised AccessPay’s innovative approach to banking technology, stating, “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, also expressed his enthusiasm for the investment, highlighting the team’s ambition and the operational support provided to ensure AccessPay’s success on a global scale.
In recent years, AccessPay has made significant strides in expanding its geographical footprint beyond the UK, entering markets in mainland Europe and the United States through strategic partnerships. This funding round is poised to further fuel AccessPay’s growth ambitions, paving the way for innovative solutions in the FinTech sector.
Anish Kapoor, CEO of AccessPay, shared his excitement about the funding round, saying, “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.”
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