Australian accounting firm Practice Ignition pockets $3.75m

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Australian accounting platform Practice Ignition has picked up AUD$5m ($3.75m) in a Series A funding round.

The investment comes from Microequities Venture Capital Fund, Right Click Capital and Black Sheep Capital.

The SaaS company offers cloud-based services designed to help accountants manage their client relationships, workflow and payments.

Since launching in 2011 the company has grown to serve 1,000 small accounting firms globally, 400 of which are in its home markets while the rest are primarily across the US, Canada and the UK.

Practice Ignition says the accountants on its platform now service more than 40,000 small businesses with the platform processing $100m in payments annually.

The company says the funding will be focussed on enhancing its payments system, data offering, open APIs and work flow.

The new round takes Practice Ignition’s total funding to more than $6.5m and in the next three years it aims to have 10,000 accounting firms and $3bn worth of relationships on the platform.

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