Manchester FinTech AccessPay has entered its sixth year of trading with a £2m funding injection and expansion plans.
- £2m funding from Clydesdale and Yorkshire Bank
- US office on the horizon
- Tripling of staff base in Manchester
After securing the finance package deal with Clydesdale and Yorkshire Bank’s Growth Finance team earlier this month, the business; which is celebrating its fifth anniversary, has set out and an ambitious growth strategy, including a recruitment drive and the establishment of a US-operation.
A specialist in cloud-based payments, with hundreds of corporate and enterprise customers and 35 employees, AccessPay has championed the evolution of payments and finance since its establishment five years ago.
With the vision to drive positive, innovative, and rapid change in the financial services industry, the business is playing an integral role in future developments of the financial sector.
Accesspay’s cloud-based payments software allows businesses to automate their payment transactions quickly and securely through one platform. They service a range of clients; from SMEs to large corporates, including Clifford Thames and European research organisation, CERN.
The funding will enable the business to recruit up to 60 new members of staff; including developers, sales, operations and marketing, before the end of 2017. Providing the platform for expansion into the U.S market later this year.
Anish Kapoor, CEO of AccessPay, said:
“We are very excited to be at the forefront of the FinTech movement in the North. We are privileged to be playing a leading role in helping move the UK’s finance scene forward through software development that delivers the next generation of banking and payments as we know it, also working with industry bodies to help shape conversation around future legislation.
I am incredibly proud of the entire team at AccessPay for the support and desire to help drive the business forward. Creating a brand that has attracted the backing of investment to allow us to move forward with our vision for being both a leading employer in Manchester and an innovator in one of the UK’s oldest and critical marketplaces.”
With a focus on organic growth, the organisation has its sights set on increasing its reach more than 10,000 organisations.
Earlier this year AccessPay was ranked 8th in the first ever Northern Tech 100 league table.
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The deal was delivered by Nick Edgar and Usman Ali from the bank’s Growth Finance team, a specialist UK-wide team that provides senior lending for innovative and rapidly expanding businesses with strong intellectual property assets and existing venture capital.
Nick Edgar, Senior Director Growth Finance at Clydesdale and Yorkshire Bank, said: “We are very pleased to support the growth of a FinTech company in our Northern Powerhouse heartland and welcome AccessPay to our expanding portfolio of exciting businesses. We have delivered a funding package that will allow the management to pursue their strategy as they look to expand in the US.”
AccessPay has also raised equity from two primary investors in the US: True Ventures and Route 66 Ventures. In 2016 the business was also awarded £1m in funding from Barclays.