FreshBooks securess strategic investment from JPMorgan Chase

FreshBooks, business accounting software for small businesses, has secured a strategic investment from JPMorgan Chase.

The value of the transaction was not disclosed. As part of the deal, a representative of JPMorgan Chase will join the FreshBooks board of directors.

Founded in 2004, FreshBooks offers cloud-based accounting software for small businesses with tools for invoicing, expenses, time-tracking, accounting, payments, estimates, and reports. Through its dashboard, clients can easily send invoices, automatically searching through client information, expenses, and tracked time.

Earlier in the year, the accounting companies released its bank reconciliation and double-entry accounting to its software.

FreshBooks former investment was a $43m Series B in 2017, which was supported by Georgian Partners, Accomplice and Oak Investment Partners. The company’s Series A pulled in $30m in 2014.

FreshBooks CEO and co-founder Mike McDerment said, “Our mission is to reshape the world to suit the needs of self-employed professionals and their teams.

“We see a significant opportunity to combine the strength and scale of JPMorgan Chase’s banking and payments capabilities with FreshBooks’ expertise in software design to create mass adoption for small businesses, and propel us closer to achieving that world.”

Earlier in the year, JPMorgan Chase led the $40m Series E round of data security startup Iconic Security. The platform enables businesses to protect and control their data across clouds and data silos.

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