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HomeBankingAccessPay bags $24m in mix of equity and debt to fuel product...

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

Date:

  • 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.

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