Receipt Bank raises $73M in Series C funding
Receipt Bank has raised a total of $73 million in Series C funding, taking the form of equity and debt, which will be earmarked to extend the company’s product suite and expand in Europe, Australia and North America.
The round was led by Insight Partners, joined by Augmentum Fintech with participation from existing investors Kennet Partners and Canadian Imperial Bank of Commerce. Receipt Bank and its shareholders were advised by Harris Williams.
A British company, Receipt Bank’s document management and bookkeeping solution is proving to be a successful and popular app in the United States, integrating with the major accounting software platforms such as QuickBooks, Xero, Sage products, Bill.com and more. According to the company, its customer base doubled in 2019, and now serves more than 360,000 customers.
One of the keys behind Receipt Bank’s success has been its ready adoption and deployment of machine learning to drive automation. Including this round, the company has raised approximately $138 million to date.
“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,” said CEO Adrian Blair (pictured) in a statement. “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.”