London-based Receipt Bank has netted a $50m Series B investment round led by Insight Venture Partners.
Launched in 2011, Receipt Bank is a bookkeeping automation platform for small businesses, to help with the collection and data extraction of receipts and invoices.
The platform works by clients taking photos of their receipts and invoices on the platform’s mobile app, or via e-mail, or directly uploading them to the desktop. After this the relevant data is extracted from the document and automatically sorted and categorised, the information is then integrated into the client’s cloud-based accounting software.
Currently, the platform is used by over 5,000 accounting and bookkeeping firms and more than 100,000 of their clients, which are located across North America, EMEA and Australia. Last year Receipt Bank surpassed $10m APR and is continuing to grow by over 100% every year, according to the company.
This latest capital injection will allow the company to accelerate its growth and to continue development of its product, including its AI integration.
Receipt Bank CEO Alexis Prenn said, “Bookkeeping is at a pivotal point as automation technologies and artificial intelligence are bringing it out of the back office. 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.”
Following this Series B, total capital raised by the company has reached $65m. Last year Receipt Bank picked up $10m in an investment from Kennet Partners.
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