AccessPay receives £1m investment from NPIF and announces growth plan
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Manchester based AccessPay has received an investment from NPIF – Maven Equity Finance consolidating its position as the fastest growing Fintech company outside of London.
Having been recognised as one of the 50 fastest growing tech companies in the UK by Deloitte – the fastest growing fintech outside of London - the business has enjoyed growth of 73% from the period January 2016 to January 2018, taking a leading role in driving innovation in the financial technology landscape.
Hot on the heels of £2m bank funding in 2017, the business has received this latest funding injection courtesy of Maven Capital Partners one of the UK’s most active SME investors on behalf of the Northern Powerhouse Investment Fund (NPIF), which provides Microfinance, Debt and Equity investments to help small and medium sized businesses in the North of England to grow and develop.
The investment was based on the shared vision both organisations had of building a strong and vibrant tech community in Manchester. CEO Anish Kapoor has set out the business’ ambition to double its size this year with AccessPay planning to use the investment to significantly increase head count at its central Manchester offices, and is looking to recruit another 50 people this year to support its rapid revenue growth.
Anish Kapoor CEO said: “We had a great 2017 which meant the business was already profitable and highly cash generative. But as we discussed our vision with Maven it became apparent that we shared the same goals for building a thriving tech community in Manchester.
“The £1m investment will allow us to accelerate hiring in Manchester and give more great people the opportunity to get in the fast growing FinTech space.”
Jeremy Thompson, Investment Manager at Maven Capital (UK) LLP who manage NPIF -Equity Finance in the North West said: “Anish and the team at AccessPay have achieved significant growth over the past two years. They know the market and are well positioned to take advantage of the current opportunities in the sector. We are delighted to be able to support the team and help them achieve their vision of creating a world leading FinTech business based in Manchester."
Sue Barnard, Senior Relationship Manager, at British Business Bank, said: “It is great to see the Northern Powerhouse Investment Fund through Maven backing a high “fintech” growth business like AccessPay which are at the forefront of emerging markets.
Innovative companies both small and medium are key to the development of the Greater Manchester region and through our fund managers we aim to unlock even more growth potential by supporting more businesses in need of funding.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.