Receipt Bank will use the funds to extend its product suite, and advance its expansion in Europe, Australia and North America. UK-based paperless bookkeeping platform provider Receipt Bank has secured a total of $73m (£55m) equity and debt investment in a Series C funding round.
The funding round was led by Insight Partners and joined by Augmentum Fintech. Existing investors Kennet Partners and Canadian Imperial Bank of Commerce (CIBC) also participated in the financing round. Receipt Bank said that the funds will be used to extend its product suite, and advance its expansion in Europe, Australia, and North America.
Receipt Bank CEO Adrian Blair said: “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.”
Receipt Bank claimed that it has developed a machine learning technology that draws financial information from multiple sources. The technology is said to digitise and categorise the information, to improve the productivity of accountants and bookkeepers.
The company doubled its customer count in 2019, with the total number of businesses using the platform reaching more than 360,000.
Also, the company’s advanced platform is capable of processing and storing 45 new fields of small business financial data per second from receipts, bank accounts, invoices and bills. Receipt Bank said that the investment from Insight, Kennet and CIBC, together with current investors would strengthen its board and help meeting growth goals.
The British technology company is engaged in automating bookkeeping to save time and money on taxes, and its platform saves weekly one hour time per client, for accountants and delivers 120 hours of annual financial admin for small businesses.
For the financing, Harris Williams, an investment bank focused on in M&A advisory services, has advised Receipt Bank and its shareholders.
Insight Partners operating partner and Receipt Bank board member Jason Ewell said: “Receipt Bank’s powerful machine learning technology allows businesses and their accountants to spend more time solving critical problems and less time on administration.”
Augmentum Fintech CEO Tim Levene 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.”