Fintech
In profile: Anish Kapoor, CEO of AccessPay
Earlier this year, AccessPay, the banking integration provider, has closed a $24 million strategic financing round to boost its U.S. expansion plans and enhance its research and development efforts in fraud and error prevention.
In this week’s profile we talk to Anish KapoorCEO of AccessPay, learn more about these plans and his career path, which spans technology, finance and consulting.
Tell us more about your company and its purpose
Over the past few decades, private banking has seen a huge shift towards digitalisation and customer centricity. But the same is not true for corporate and institutional banking. As a former CFO, I knew how complicated it could be, with financial managers and treasurers relying on large teams to handle manual, repetitive tasks like sending payment instructions or retrieving bank statements.
We created AccessPay to bring greater transparency, security and ease of use to banking through automation. Our banking integration solution connects back-office systems directly to banks. This has truly unlocked the promise of financial digital transformation for our customers: AccessPay serves as a secure and efficient data transformation layer and enables our customers to scale their financial operations.
What are some of your recent accomplishments that you would like to highlight?
Some recent highlights are our expansion from the UK to the US through our partnership with Wise. We have also made great strides in the development of our product offering with the addition of our fraud and error prevention suite, a range of features to help customers reduce risks in their payment transactions, particularly against financial fraud.
And in March of this year we closed a $24 million strategic financing round, led by our veteran investor Real businesses. Looking forward, we will focus on driving profitable growth and providing further enhancements to our product, particularly around fraud and error prevention and banking APIs.
How did you get into the fintech industry?
By mistake, if I’m honest. After earning a bachelor’s degree in computer science and accounting from University of Manchester in 1993 I embarked on the proven path of accounting, specializing in the auditing of IT systems. Looking back, I don’t think I realized how closely aligned the worlds of computing and finance would become. However, I had a pretty good idea that once I qualified as an accountant, I would start a tech company with a couple of friends. Using this magical new technology called the Internet, we developed the first retail outlet in the UK. Unfortunately, at that time, the Internet was not yet sophisticated enough to handle our proposal.
In 1997, at just 22 years old, three friends and I took matters into our own hands and built a sufficiently resilient infrastructure through a new company called Telecity. Three years later I was one of the youngest directors on the FTSE 250 and led Telecity to a successful IPO, global expansion and the title of Europe’s largest listed data center operator. After Telecity, I reignited my entrepreneurial pursuits, focusing on VC-backed technology ventures and leading various SaaS businesses before joining AccessPay as a consultant. I took on the role of CEO in 2014.
What’s the best thing about working in fintech?
I think the best thing is the profound impact we can have on the modernization of financial systems around the world. The industry’s ability to blend finance with cutting-edge technologies does more than simply improve operational efficiency; democratizes access to financial services better than anything or anyone has ever done. Every day we help create solutions that simplify complex processes, reduce costs and increase transparency, helping businesses of all sizes thrive.
The pace of innovation in fintech and the constant drive for improvement is also incredibly exciting. Being at the forefront of the technological transformation of the financial world, we are uniquely positioned to address real-world problems with tangible, innovative solutions that improve the way businesses interact with their finances. Leading a company like AccessPay in this landscape, where our work directly contributes to the evolution of global financial ecosystems and enhances the strategic capabilities of our clients, is very rewarding.
What frustrates you most about the fintech industry?
Navigating the regulatory landscape is certainly one of the most challenging aspects of the sector. It can be frustrating how often the pace of regulatory changes fails to keep pace with technological innovation.
The gap created by this discrepancy means that new technologies or new business models must wait for clear guidelines. There are delays that can stifle innovation and impact our ability to quickly deliver solutions that improve financial operations for our customers. When taking into account the fragmented nature of regulations in different regions, global expansion becomes even more complex and cumbersome.
How have your previous roles influenced your career?
Undoubtedly this is so. My experience trying to grow a point-of-sale company based on rudimentary technology has taught me that if a technology is inefficient or doesn’t even exist, it may be up to you to fix the problem. That’s exactly what we did with Telecity, and the company’s subsequent successes speak for themselves.
In helping other fledgling businesses get off the ground, I have also become acutely aware of the critical importance of having a company staffed with exceptionally talented staff. Plus, talent who shares a commitment to providing customers with solutions that have a measurable impact on their ability to grow their business.
What’s the best mistake you’ve ever made?
It’s hard to answer this question, but I would probably say that focusing too much on specific technology solutions rather than broader customer needs in the early part of my career was a good mistake.
This initial narrow view inadvertently taught me that flexibility and adaptation in fintech were, and continue to be, as important as developing specific solutions. It was a realization that pushed me to broaden AccessPay’s approach to problem solving and focus more on the versatility of our services.
You could say it has helped shape our strategy to be more customer-centric and prioritize meaningful, tailored solutions that truly address our customers’ diverse challenges.
What does the future have in store for your company?
With this latest round of capital, the future has a lot in store. As previously mentioned, the financing will be instrumental in focusing our attention on profitable growth and strengthening our commitment to grow revenues sustainably.
Our focus on research and development will also enable us to expand the platform’s capabilities in preventing fraud and errors, automating statement data and reconciliation, and transforming ISO 20022 data. As these various commitments and initiatives come together, we hope to see a much more visible AccessPay presence in the US and Europe.
What are the next key talking points or challenges for your industry as a whole?
APP-related fraud remains high on the agenda. For PSPs, a key challenge will be the implementation of the new refund requirements imposed by the Payment Systems Regulatory Authority. The requirements will force PSPs to refund individuals, charities and micro-businesses within five business days of a fraudulent transaction made using Faster Payments.
The clock can be stopped, but only if there is a legitimate need to gather further information. Since most companies will not be protected by the new rules, they will have to implement security measures, such as beneficiary confirmation and more robust controls over payment authorizations.
The lack of action by companies to prepare for the adoption of the ISO 20022 messaging format is another persistent challenge. However, payment systems around the world are upgrading their infrastructure to move to the new format, including the Bank of England’s CHAPS, which upgraded its real-time gross settlement system in 2023.
From November 2024, the Bank of England will mandate the addition of payment purpose for all real estate transactions and is expected to extend to all CHAPS payments as well. It’s a development that’s likely to spark a lot of conversation in the weeks and months leading up to implementation.