AccessPay has received £1m investment from the Northern Powerhouse Investment Fund.

The Manchester-based firm will use the cash to push through its growth plans and consolidate its position as the fastest-growing FinTech company outside London.

Having been recognised as one of the 50 fastest growing tech companies in the UK by Deloitte, the business has enjoyed growth of 100 per cent in the last two years, taking a leading role in driving innovation in the financial technology landscape.

The business has received this latest funding injection courtesy of Maven Capital Partners, one of the UK’s most active SME investors, on behalf of the NPIF.

CEO Anish Kapoor 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.”

Kapoor has set out the business’ ambition to double its size this year with AccessPay planning to use the investment to significantly increase head count at its central Manchester offices, and is looking to recruit another 50 people this year to support its rapid revenue growth.

 Jeremy Thompson, an investment manager at Maven Capital, 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."

Sue Barnard, senior relationship manager at British Business Bank, said: “It is great to see the Northern Powerhouse Investment Fund through Maven backing a high FinTech growth business like AccessPay which are at the forefront of emerging markets.

“Innovative companies both small and medium are key to the development of the Greater Manchester region and through our fund managers we aim to unlock even more growth potential by supporting more businesses in need of funding.”