Maven Capital Partners has successfully exited Access Systems (UK) Limited, better known as AccessPay, a Manchester-based payments software business, following the sale to technology-focused investment firm, Accel-KKR, announced this morning and generating a 2.5x return for the Northern Powerhouse Investment Fund I (“NPIF I”).
AccessPay is a software solution that connects back office finance systems to banks, providing clean, structured payment and bank statement data required for seamless automation. The investment from Accel-KKR is expected to enable AccessPay to meet increasing demand from enterprise organisations, and develop new product offerings alongside accelerating its acquisition strategy.
In 2018, NPIF – Maven Equity Finance which is managed by Maven and part of the Northern Powerhouse Investment Fund (“NPIF”) invested £1 million to enable the business to significantly scale its operations and invest in a recruitment drive to grow its team to support rapid revenue growth.
AccessPay represents a major success story for Greater Manchester’s fintech market, which contributes over £1bn to the UK economy. The firm is one of the fastest growing Fintech companies outside of London, with multiple industry awards to its name, and a UK leader in innovative bank integration solutions.
Anish Kapoor, CEO of AccessPay, who will stay on following the sale, said: “Maven were early supporters of AccessPay’s vision, investing at a point when we were looking to scale our market presence. That backing contributed to the growth that has brought us to where we are today, serving more than 1,000 customers globally. I’m grateful for their support.”
Jeremy Thompson, Partner at Maven, added, “We are delighted to see AccessPay transition into this next phase of growth. The investment from Accel-KRR is a testament to the company’s strong leadership and solid financial foundation built during our partnership. Todays’ transaction marks a significant milestone in their journey and underscores Maven’s commitment to nurturing innovative businesses in the UK’s Northern regions and driving their growth to realise their full potential.”
Debbie Sorby, Senior Investment Manager at the British Business Bank, added: “Equity finance plays an important role in supporting early-stage businesses as they grow and establish themselves in the market. We’re proud to have supported AccessPay through the first Northern Powerhouse Investment Fund, helping the business scale and strengthen its product over time.
“This exit is a testament to the company’s success and highlights the strength of the wider Northern fintech ecosystem. We’re pleased to continue backing ambitious businesses like this across the region through NPIF II.”
Phil Cunningham, managing director at Accel-KKR, said: “AccessPay plays a crucial role in helping to optimise finance operations, increasing automation, improving cash visibility, and reducing the risk of fraud and error. It also has a reputation for delivering outstanding customer service. The company aligns closely with our portfolio of investments, delivering mission-critical solutions to the office of the CFO, and we look forward to supporting CEO Anish Kapoor and his team.”
