Manchester’s AccessPay lands £1m Northern Powerhouse funding

Fintech business AccessPay has received a £1m boost through the Northern Powerhouse Investment Fund (NPIF).

The seven-figure investment came from NPIF – Maven Equity Finance, part of the NPIF run by private equity managers Maven Capital Partners.

AccessPay will use the funding to increase the headcount at its offices in central Manchester, with plans to take on another 50 employees this year to support growth.

Anish Kapoor, chief exec of AccessPay, 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.”

He added: “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.”

The NPIF cash follows an investment of £2m last year from Clydesdale and Yorkshire Bank’s Growth Finance team.

Jeremy Thompson, investment manager at Maven Capital (UK) LLP, 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.”

The NPIF is run by the British Business Bank.

Sue Barnard, the bank’s senior relationship manager, commented: “It is great to see the Northern Powerhouse Investment Fund through Maven backing a [high growth fintech] 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.”