AccessPay, a prominent provider of bank integration services, has announced the successful closure of its latest funding round, securing $24 million through a combination of equity and debt financing. True Ventures, a well-known venture capital firm based in Silicon Valley, led the round, with contributions from other notable investors including Praetura Ventures, NatWest, Mastercard, Route 66 Ventures, and Beringea.
This infusion of capital is poised to play a pivotal role in advancing AccessPay's objectives of achieving profitable growth and increasing revenues sustainably. A considerable portion of the funding will be allocated towards the company's Research and Development (R&D) initiatives, aimed at continually enhancing value for its enterprise clients. Specifically, AccessPay intends to further refine its capabilities in fraud and error prevention, bank statement data automation, reconciliation, and ISO 20022 data transformation. Additionally, the funding will support AccessPay's ongoing expansion efforts in the United States market.
In recent years, AccessPay has fortified its team with key senior hires and extended its geographical reach beyond the UK, establishing a presence in mainland Europe and the United States through strategic partnerships with Sage and Finastra. With this fresh round of funding, AccessPay is well-positioned to capitalize on these growth opportunities, including potential acquisitions aimed at expanding its market footprint and service offerings in a sustainable manner.
