Maven has successfully exited AccessPay, a Manchester-based payments software business, following the sale to technology-focused investment firm, Accel-KKR, generating a 2.5x return for the Northern Powerhouse Investment Fund I.
AccessPay is a software solution that connects back-office finance systems to banks, delivering clean, structured payment and bank statement data to enable seamless automation. The investment from Accel-KKR is expected to support AccessPay in meeting growing demand from enterprise organisations, while also enabling the development of new product offerings and accelerating its acquisition strategy.
In 2018, NPIF I Maven Equity Finance 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 another success story for Greater Manchester’s thriving fintech market, which contributes over £1 billion to the UK economy. As one of the fastest-growing fintech companies outside London and a recipient of multiple industry awards, AccessPay has established itself as a UK leader in innovative bank integration solutions.
"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."
Anish Kapoor, CEO of AccessPay
"We are delighted to see AccessPay transition into this next phase of growth. The investment from Accel-KKR 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."
Jeremy Thompson, Partner at Maven
“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.”
Debbie Sorby, Senior Investment Manager at the British Business Bank