Receipt Bank, the world’s leading digital bookkeeping platform, has raised $73 million (£55 million) in equity and debt in a successful Series C funding round.
The round was led by Insight Partners, joined by Augmentum Fintech with participation from existing investors Kennet Partners and Canadian Imperial Bank of Commerce (CIBC). Receipt Bank and its shareholders were advised by Harris Williams.
The funds will be used to extend Receipt Bank’s award-winning product suite, and continue rapid expansion in Europe, Australia and North America.
The company doubled customers in 2019, taking the total number of businesses using the platform to above 360,000.
Receipt Bank’s proprietary machine learning technology fetches financial information from multiple sources, digitises and categorises it, dramatically improving the productivity of accountants and bookkeepers, more than 50,000 of whom use the platform. The platform processes and stores 45 new fields of small business financial data every second from receipts, bank accounts, invoices and bills.
Receipt Bank CEO, Adrian Blair, commented: “This investment is an endorsement of our mission at Receipt Bank - to help accountants do more, empowering millions of small businesses to save time on their finances and focus on growth. Our machine learning technology enables accountants to dramatically enhance their service to small business clients, expanding the market for professional advice by making accountants far more productive. We look forward to using these funds to expand our award winning product set.”
“The addition of Augmentum alongside our current investors, Insight, Kennet and CIBC, strengthens our board and will help us meet our ambitious growth goals, following a stellar 2019.”
Jason Ewell, Operating Partner at Insight Partners and Receipt Bank Board member, commented: “Receipt Bank’s powerful machine learning technology allows businesses and their accountants to spend more time solving critical problems and less time on administration.”
Tim Levene, CEO of Augmentum Fintech, said: “Digital bookkeeping allows businesses to save both time and expense, and Receipt Bank’s technology make the company a clear leader in this sector.”
One of the fastest growing British technology companies, Receipt Bank automates bookkeeping to save businesses time and money on their taxes. The platform saves accountants one hour per client weekly and frees small business from 120 hours of annual financial admin.