AccessPay bags $24m in mix of equity and debt to fuel product development plans

UK-based fintech AccessPay has secured $24 million in a strategic funding round led by Silicon Valley-based venture capital firm True Ventures.
The funding round also saw participation from Beringea, Route 66 Ventures, Mastercard, NatWest, and Manchester-based investment firm Praetura Ventures.
AccessPay intends to utilize the investment to drive profitable growth and expand its operations into the US market.
A significant portion of the funding will be allocated to research and development (R&D) efforts, focusing on enhancing fraud and error prevention capabilities and data reconciliation automation services.
The company also aims to capitalize on strategic growth opportunities, potentially including acquisitions.
Founded in 2012, AccessPay provides a payment automation and bank data transformation platform, facilitating connectivity between corporate back-end systems and financial services providers.
This funding round supplements the $11.5 million investment secured by the company in 2019, with participation from investors such as Beringea, True Ventures, and Route 66 Ventures.