Anish Kapoor, CEO, AccessPay

Today we're meeting Anish Kapoor, CEO of AccessPay, the UK's leading payment automation and bank data transformation platform.

Over to you Anish:

Who are you and what's your background?

I'm Anish Kapoor, CEO of AccessPay. My background in FinTech can be traced back to 1993 when I completed a degree in computer science and accounting at Manchester University. Upon graduating, I went down the accounting path, training at Coopers and Lybrand (now part of PwC) specialising in the auditing of IT systems.

My start in FinTech, as we understand the industry now, came a couple of years later, having taken my first steps as an entrepreneur. A recently qualified accountant, I started a tech company with a couple of friends using this fledgling new network called 'the internet' – the first internet-native Point of Sales company in the UK. While the idea was solid, the building blocks of internet 1.0 were not, and that company folded.

However, not only did this experience teach me a lot, but it also opened up a huge opportunity. We realised the internet could be a phenomenon if the plumbing behind it was sorted. So, in 1997, at 22 years old, three friends and I decided to fix that problem by building the infrastructure ourselves via a new company called Telecity. Of course, we needed money to do that – about £2 million to start. We were still in the early days of VC funding in the UK, so although we raised some of the money, we needed to fund much of the venture ourselves through loans and credit cards. It was risky, but it paid off and at 25 I became one of the youngest serving FTSE 250 directors, leading Telecity to a successful IPO and global expansion, cementing its status as Europe's largest listed data centre operator.

Following my tenure at Telecity, I continued with my entrepreneurial pursuits, focusing on VC-backed enterprises, particularly in the early days of voice and internet technologies. This led to me leading multiple SaaS businesses, raising over $200M through seed and series A, B and C rounds as well as an IPO. I then joined AccessPay as an advisor before assuming the role of CEO in 2014.

What is your job title and what are your general responsibilities?

As CEO at AccessPay, my responsibilities are diverse and include guiding product development, helping my leadership team define strategic priorities, helping to raise investment, building relationships with the banks, and representing the company as a thought leader in the FinTech space.

Over the years, I've led the business through a hypergrowth phase, raising $35 million in funding. Today, AccessPay supports the banking operations of over 1,000 customers in over 100 countries. My leadership philosophy revolves around embedding a customer-centric approach in our operations and building a company culture of growth and development.

Can you give us an overview of your business?

At AccessPay, we provide a centralised platform that streamlines payment operations for financial services and businesses. Our platform automates payment instructions for all payment types, Direct Debit collections, and bank statement retrieval across our customers' global banking estates. Through automation of critical financial processes and robust embedded payment controls, our customers increase operational efficiency, reduce errors and prevent fraud.

Other capabilities include automated financial reporting and an integrated fraud and error prevention suite to mitigate risks.

We constantly update our offerings to ensure auditory compliance in line with regulatory changes and standards. Ultimately, our goal is to support finance leaders in strategic decision-making by providing a secure, efficient, and adaptable financial operations platform.

Today, thousands of organisations partner with AccessPay to integrate their back-office systems with their banks both domestically and internationally.

Tell us how you are funded?

In our latest funding round, we secured $24 million. The investment will primarily underpin AccessPay's expansion across the US and supercharge our R&D efforts in fraud and error prevention, reconciliation automation, and ISO 20022 data transformation. To date, we've raised around $35 million in funding.

What's the origin story? Why did you start the company? To solve what problems?

Despite considering myself an IT-savvy accountant who's managed finance teams at small, large, and listed businesses, I was stunned to learn that no finance or treasury system connected to banks. Moreover, that every payment instruction had to be inputted manually into a banking portal, even with sophisticated and expensive ERP systems in place.

When it became clear that my industry colleagues were also unaware of this technological (and resource-heavy) gap, I knew I had to fix it. To be honest, it felt like Telecity all over again; a piece of infrastructure was missing, we had the means and will to build it, so we did!

Who are your target customers? What's your revenue model?

Our target customers are corporate and financial services businesses that need to connect their back-office systems to their banks as a means of leveraging true payment automation and seamless bank statement retrieval. AccessPay customers include notable names like ITV, Sainsbury's Bank, and Admiral Group Plc.

As for our revenue model, it's based on a subscription service with annual renewals that are tailored to each customer's specific needs and connection types. As our product evolves, we have expanded our platform to include such vital capabilities as enhanced fraud and error prevention. It's a flexible model that ensures our clients can adapt and grow with us.

If you had a magic wand, what one thing would you change in the banking and/or FinTech sector?

We see a lot of confusion based on communication that's quite technical and tricky to understand. As such, I'd like to see more use of simpler language that allows those not in banking to understand the changes that are happening worldwide.

A magic wand that helps navigate the industry's regulatory landscape would also be useful. The speed of regulatory change is rarely as fast as technological innovation, and it causes a great deal of frustration. This discrepancy in speed between regulation and innovation means new technologies and business models must often wait for clear guidelines. These delays can throttle innovation and impede our ability to deliver solutions that can improve financial operations for our customers as quickly as we'd like. When you add a fragmented international regulatory ecosystem into the mix, it also makes global expansion more onerous than it needs to be.

What is your message for the larger players in the Financial Services marketplace?

To the larger players in the financial services marketplace, my message is that a deeper integration of banking into corporate and institutional operations is essential. By seamlessly connecting back-office systems to banking infrastructures, we can unlock greater value across the entire banking and payments ecosystem. This integration will enhance operational efficiency, improve compliance, and reduce risks associated with financial transactions. It will also foster innovation, allowing businesses to adapt swiftly to changing regulatory landscapes and market demands. Ultimately, this approach benefits everyone—from financial institutions to end customers—by creating a more robust, secure, and efficient financial ecosystem.

Where do you get your Financial Services/FinTech industry news from?

I get my news from various sources, but the two websites I visit on a daily basis are Finextra and UK Finance.

Can you list 3 people you rate from the FinTech and/or Financial Services sector that we should be following on LinkedIn, and why?

I always recommend to people interested in the FinTech and financial services sector that these three individuals are worth following on LinkedIn:

• Chad Wallace at Mastercard: Chad has a compelling vision for transforming B2B payments and liquidity. He consistently shares valuable insights on how technology can improve transactional efficiency and financial management for businesses globally.
• Brooke DiNatale at Mastercard: Brooke is known for her innovative approach to financial services. She focuses on enhancing the digital payments landscape, making transactions more secure and seamless for both businesses and consumers.
• Michael Mueller at Form3: A true visionary leader, Michael is driving significant advancements in the financial services ecosystem. Form3's cloud-native payments technology is set to revolutionise how financial institutions handle transactions, promoting greater efficiency and scalability.

What FinTech services (and/or apps) do you personally use?

I don't use specific FinTech apps; instead, I prefer my financial services to be seamlessly integrated into the apps and products I already use daily. An embedded approach ensures that managing my finances is a natural part of my routine without needing to switch between different platforms. For example, I appreciate when my banking services are integrated into my business management software or when my investment updates come through my preferred news apps.

What's the best new FinTech product or service you've seen recently?

I haven't seen a particular FinTech product that stands out recently, but I'm interested in innovations focused on financial inclusion and carbon reduction. These areas are critical for creating a more equitable and sustainable future. Financial inclusion can empower underserved communities by providing access to essential financial services, while carbon reduction technologies can help mitigate the environmental impact of financial operations. If there are any groundbreaking innovations in either area that I might have missed, I'd be keen to learn more about them.

Finally, let's talk predictions. What trends do you think are going to define the next few years in the FinTech sector?

As APP fraud remains a significant concern, a major challenge for PSPs will be adhering to the new reimbursement mandates from the Payments Systems Regulator, which require reimbursement within five working days for fraudulent Faster Payments transactions. Since most businesses aren't covered by these new rules, I'd expect there to be a trend towards the adoption of safeguards like Confirmation of Payee and enhanced payment authorisation controls.

Elsewhere, many corporations are lagging in their preparations for the ISO 20022 messaging format despite global payment systems, including the Bank of England's CHAPS, upgrading their infrastructures to the new standard. From November 2024, the Bank of England will require Purpose of Payment for all property transactions, with expectations that this will soon apply to all CHAPS payments. It's more of a trend around conversations, but this impending change will likely prompt much discussion as the implementation date approaches.

Thank you very much for taking the time to participate, Anish.

You can connect with Anish Kapoor on LinkedIn and find out more about AccessPay at https://accesspay.com/.