Fintech firm’s £1m funding deal with bank

MANCHESTER fintech company Access Pay has a £1m loan from Barclays for growth.

Access Systems (UK), trading as AccessPay, provides a cloud based connectivity layer between a business’s finance systems, their banks and all of the major UK and international payment networks such as BACS, SWIFT, SEPA, Faster Payments & Direct Debit.
 
Delivered through one portal, manual intervention is removed thus providing a significant time and cost saving as well as better management information and better security.

The company plans to use the additional funds to accelerate organic growth in 2016/17 and is the first in Manchester to benefit from Barclays’ new ‘Innovation Finance’ product targeted towards high-growth and innovative businesses.

Anish Kapoor, chief executive of AccessPay said: “We explored a number of options to grow our business in 2016, having the luxury of significant venture capital backing and strong existing cash flow.

“We felt that the local Barclays team in Manchester demonstrated from the start that they fully understood our market proposition and drive to make business payments as easy as possible, recognising the potential of the business to achieve rapid growth.

“They also saw the huge opportunity to deepen the existing working relationship between the two companies. We are very excited to be going on this journey with Barclays.”

David Parr, relationship director at Barclays in Manchester said: “As part of our plans at Barclays to enhance our high-growth offering to the market, we are extending our lending capabilities and credit appetite in the technology sector for ambitious, entrepreneurial businesses like AccessPay.

“In addition to our existing venture loan, we have launched Innovation Finance; this enables us to offer greater support to the market by allowing earlier lending to the most promising of high-growth companies and preferential pricing for all qualifying high-growth companies, allowing more funds to be re-invested into the business.”