New venture capital fund makes first investment in expanding fintech firm

Pete Carway (Praetura Ventures) Anish Kapoor (AccessPay)

A Manchester-based bank integration software provider is the first business to benefit from a newly-launched venture capital fund.

AccessPay has received £350,000 from the Praetura Growth VCT, recently launched by Manchester-based Praetura Investments.

The investment will fund AccessPay’s global expansion plans.

Having successfully listed in April, the VCT’s objective is to back some of the most exciting scale-up businesses in the North of England, drive capital growth and target a regular annual dividend commencing in 2027.

Sam McArthur, Partner at Praetura Investments, said: “AccessPay is helping to automate the complex area of banking payments and we have really admired its success over recent years.

“The firm’s impressive growth and proven market fit align well with our investment strategy.”

Anish Kapoor, CEO of AccessPay, said: “We are thrilled to receive this investment from the Praetura Growth VCT.

“It’s a testament to the hard work of our team and the robust growth we’ve achieved.”

He added: “This funding will enable us to expand our international presence and further develop our product offerings to meet the needs of our clients worldwide.”

In addition to this landmark first VCT investment, Praetura Investments is working to add several more companies to the VCT’s portfolio in the coming weeks.

These forthcoming investments reaffirm Praetura’s commitment to fostering innovation and supporting the next generation of leading businesses, predominantly in the North of England, it said.

Following 13 years of venture investing and successfully managing EIS funds, Praetura has launched the VCT alongside its other open offers, the Praetura EIS Growth Fund and Praetura Inheritance Tax Planning Service.

The VCT will be managed by the group’s venture capital arm, Praetura Ventures, and intends to co-invest alongside the established Praetura EIS Growth Fund.