AccessPay bags $24m in mix of equity and debt to fuel product development plans
UK-based fintech AccessPay has secured $24 million in a mix of equity and debt in a strategic funding round led by Silicon Valley-based venture capital firm True Ventures.
AccessPay lands $24m investment
The company was further backed by Beringea, Route 66 Ventures, Mastercard, NatWest, and Manchester-based investment firm Praetura Ventures.
AccessPay says the cash injection will be used to drive the company’s “focus on profitable growth” as it gears up for expansion into the US, adding that a “significant portion” of the funding will be used to fuel its research and development (R&D) work.
As part of its product development plans, the firm is aiming to enhance its fraud and error prevention capabilities and data reconciliation automation services.
In addition, the fintech says that this funding round will provide the company with the necessary financial means to capitalise on “strategic growth opportunities”, which it conveys may include potential acquisitions.
Established in 2012, AccessPay offers a payment automation and bank data transformation platform and helps facilitate connectivity between corporate back-end systems and financial services providers.
The latest fundraising announcement supplements the $11.5 million investment the company secured in 2019, which saw participation from investors who also contributed to this current round, including Beringea, True Ventures, and Route 66.
