Canadian FinTech Sensibill has raised $42m for its series B funding round, led by Radical Ventures.
The round was joined by National Bank of Canada and existing investors Information Venture Partners and First Ascent Ventures.
This latest round brings the startup’s total funding to $61m, after it pulled in $17m for its Series A round in 2017.
The Toronto-based business provides a digital solution for banks and other financial institution which allows for the recording and itemisation of receipts. The company has planned to offer contextual advice and improve the financial health of consumers through AI-assisted decisioning, Sensibill said on its website.
Sensibill said it will use the fund to build new products, explore new geographies and develop its AI expertise.
Since Sensibill’s first investment round, the company has doubled its employee count and have opened a new office in the UK.
Sensibill co-founder and CEO Corey Gross said, “We’re helping champion the future of work. That means supporting small business owners, freelancers, and entrepreneurs — they’re the fastest growing segment and the most underserved by banks.”
“What we’re trying to do at Sensibill is bridge the gap between what banks are good at today, and where they need to be in five or ten years to protect their relationships from disruption.”
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