Cloud-based payment and cash management firm, AccessPay, has secured a £1m loan from Barclays to “explore further growth opportunities.”
The company, which established an office in Manchester in 2014, uses an online portal to manage payments across UK and international payment networks.
The company is the first in the city to access Barclays’ “Innovation Finance” product, which is targeted at high-growth, innovative businesses. The bank has recently signed an agreement with the European Investment Fund (EIF) to finance lending to innovative SMEs, which allows it to provide £100m finance to companies in the UK over the next 2 years.
The £1m loan to AccessPay will be backed by a guarantee of the EIF.