Receipt Bank has raised $50 million in Series B funding, which it plans to used for product development, and to accelerate company growth.
The London-based startup reports fast growth, having passed $10 million in annual recurring revenue in 2016 and growing at more than 100 percent every year.
Receipt Bank’s software uses artificial intelligence to automate data extraction from receipts and invoices, and some of the new funding will be earmarked for further investment into the company's AI technology.
“Bookkeeping is at a pivotal point as automation technologies and artificial intelligence are bringing it out of the back office,” said CEO Alex Prenn in a statement. “With Receipt Bank, bookkeeping moves from a cost to a source of income – becoming the enabler of effective reporting, payments, lending and other value-adding services. This investment will enable us to further develop our proprietary technologies and bring these services to even more leading accounting and bookkeeping firms and their small business clients.”
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