The venture capital company True Ventures, based in Silicon Valley, led a strategic fundraising round that saw the UK-based fintech AccessPay collect $24 million in a combination of loan and equity.
The venture capital company True Ventures, based in Silicon Valley, led a strategic fundraising round that saw the UK-based fintech AccessPay collect $24 million in a combination of loan and equity.
Beringea, Mastercard, NatWest, Route 66 Ventures, and Manchester-based Praetura Ventures provided additional funding for the startup.
A "significant portion" of the money will be used to support AccessPay's research and development (R&D) efforts, the business claims, adding that the capital infusion will be used to drive the company's "focus on profitable growth" as it prepares for US expansion.
The company wants to improve data reconciliation automation services and fraud and mistake prevention capabilities as part of its product development ambitions.
Furthermore, the fintech indicates that this investment round will give the business the funds it needs to take advantage of "strategic growth opportunities," which could involve acquisitions.
AccessPay was founded in 2012 and provides a platform for bank data transformation and payment automation. It also aids in facilitating communication between financial services providers and corporate back-end systems.
The most recent announcement of funding is in addition to the $11.5 million that the firm raised in 2019. Investors that participated in that round included Beringea, True Ventures, and Route 66.
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