Bookkeeping automation software provider Receipt Bank announced it has raised $10 million in growth capital from international growth equity firm Kennet Partners, which invests in high-growth companies in Europe and North America.
Launched in 2011, Receipt Bank provides automation to thousands of accounting and bookkeeping firms and their tens of thousands of small business clients, according to the company. With five offices globally, Receipt Bank processes millions of transactions each month.
“Automation enables the best accounting firms to reduce their costs, save time and increase the speed and quality of their service,” stated Receipt Bank CEO Alexis Prenn. “We are incredibly proud to be working with so many great firms who are redefining small business accounting and delighted to be partnering with such an experienced growth investor as Kennet. With this investment we will be able to further improve our industry-leading technology and to help even more firms enhance their bookkeeping processes.”
Receipt Bank’s automation capabilities are based on a range of proprietary technologies the company has developed, including data extraction from receipts, bills and invoices.
“Automation is clearly a big trend,” stated Hillel Zidel, managing director of Kennet Partners. “Receipt Bank has led the field in bringing automation to small business accounting and bookkeeping and we are very excited to be supporting the company on its journey.”
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