The seven-figure investment came from NPIF – Maven Equity Finance, part of the NPIF run by private equity managers Maven Capital Partners.
Partner Stephen Hadlow and Solicitor Ryan Tweedale provided legal advice to AccessPay on the investment. Stephen commented: “Securing financing from The Northern Powerhouse Investment Fund will further help Access Pay to achieve its ambitious growth plans, and we were delighted to support Anish Kapoor and his team on this deal. This was not a straightforward transaction to structure, but its achievement demonstrates the commitment of the parties and their advisory teams to find solutions and make the deal work.”
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.
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.”
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.”
David Mkhitarian and Sean Lightfoot of Hill Dickinson provided legal advice to Maven Capital.