Ali Moiyed's decision to launch AccessPay back in 2012 is proving to be a million pound idea as the Manchester fintech company explores further growth opportunities.
Ali Moiyed founded AccessPay in 2012 alongside a small group of finance and tech professionals with the aim of transforming the way payments are sent and received around the world.
The company provides a cloud based connectivity layer between a business's finance systems, their banks and all of the major UK and International payment networks such as BACS, SWIFT, SEPA, Faster Payments & Direct Debit.
Delivered through one easy to use portal, manual intervention is removed thus providing a significant time and cost saving as well as better management information and better security.
Four years on the company is now looking to continue growing and is supporting small and medium sized businesses across the UK after landing a £1m loan from Barclays in the North West.
Anish Kapoor, chief executive officer at AccessPay, said: "We explored a number of options to grow our business in 2016, having the luxury of significant venture capital backing and strong existing cash flow.
The company plans to use the additional funds to accelerate organic growth in 201617 and is the first in Manchester to benefit from Barclays' new 'Innovation Finance' product targeted towards high-growth and innovative businesses.
The fund aims to provide innovative companies with additional financing at more favourable rates as part of the bank's commitment to supporting high growth businesses in the UK.
The loan will be backed by a guarantee of the EIF, enabled by the InnovFin initiative with financial backing from the Commission's Horizon 2020 programme.