UK-based AccessPay has bagged ?9m in a funding round, as the company looks to expands its team.
The investment was led by transatlantic venture capital firm Beringea, with participation also coming from US-based investors True Ventures and Route 66.
Founded in 2012, AccessPay helps enterprises to improve their global payments and cash management operations. Its solution connects back-end systems with global banking and financial service providers.
The company offers solutions to automate domestic and international payments, customise workflows, automate reporting, and conduct cash management and analytics with real-time cash balance data.
In addition to this, the platform can help companies to comply with GDPR through a mix of automation, data masking and payroll integration to help lower human errors and combat fraud.
Its solution is used by more than 500 corporates in the UK, including Barclays and ITV, helping to process over 40 million transactions.
Capital from this round will be used to expand its sales, marketing and engineering teams, as well as boost development of its software.
AccessPay CEO Anish Kapoor said, ?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.p>
This funding round has come just months after Beringea expanded its footprint in the UK with the opening of a new office in Manchester. Through the new location, the company hopes to be able to work closer with local businesses and deploy funds in the area.
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