Maven Exits AccessPay to Accel-KKR, Securing 2.5x Return

Maven has successfully divested its stake in AccessPay, a prominent payments software firm, to US-based investment specialist Accel-KKR. This strategic exit generated a substantial 2.5x return for the Northern Powerhouse Investment Fund I (NPIF I), managed by Maven. The transaction underscores the robust performance of UK fintech companies and Maven's capability in nurturing and realizing value from its portfolio investments.

AccessPay, headquartered in Manchester, specializes in providing a crucial software solution that bridges the gap between enterprise finance departments and banking institutions. Its platform facilitates the seamless flow of payment and bank statement data, enabling significant automation for businesses. The acquisition by Accel-KKR, a firm with a deep focus on technology investments, is anticipated to fuel AccessPay's expansion, particularly in catering to the escalating demand from large-scale organizations. This move is expected to accelerate the development of new product features and bolster the company's strategic acquisition initiatives.

The initial investment from NPIF I Maven Equity Finance in 2018, amounting to £1 million, was instrumental in empowering AccessPay to significantly enhance its operational capacity. This capital injection facilitated a targeted recruitment drive, expanding the team to support a period of rapid revenue escalation. AccessPay's journey exemplifies the dynamism of the Greater Manchester fintech cluster, a sector contributing over £1 billion to the UK economy. Recognized as a leading fintech innovator outside of London and a recipient of numerous industry accolades, AccessPay has solidified its position as a key player in bank integration technology.

Anish Kapoor, CEO of AccessPay, expressed gratitude for Maven's early support, stating, "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." This sentiment highlights the collaborative partnership that underpinned the company's growth trajectory.

Jeremy Thompson, Partner at Maven, commented on the successful exit, "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."

The involvement of the British Business Bank through the Northern Powerhouse Investment Fund was crucial. Debbie Sorby, Senior Investment Manager at the British Business Bank, remarked, “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.” This exit serves as a strong indicator of the health and potential within the UK's regional technology investment scenes.