Bookkeeping platform Receipt Bank has raised $73m in a mixture of equity and debt through its Series C round.
Insight Partners led the round, with participation also coming from Augmentum Fintech. Previous Receipt Bank backers Kennet Partners and Canadian Imperial Bank of Commerce (CIBC) also contributed.
Capital from the round will be used to deepen its product suite and further its expansion in Europe, Australia and North America.
The FinTech uses machine learning technology to collate financial information from multiple sources and categorizes it to help accountants and bookkeepers. Its services include instant receipt capture, foreign currency support, data extraction, automated submission reminders and cloud storage.
Receipt Bank CEO Adrian Blair, said, “This investment is an endorsement of our mission at Receipt Bank – to help accountants do more, empowering millions of small businesses to save time on their finances and focus on growth.
“Our machine learning technology enables accountants to dramatically enhance their service to small business clients, expanding the market for professional advice by making accountants far more productive. We look forward to using these funds to expand our award-winning product set.”
Over the course of 2019 the company doubled its customers, brining the total number of businesses using its platform to more than 360,000.
Fellow bookkeeping platform CollBox recently closed its seed funding round on $1m. The startup helps businesses automatically take action to receive past due invoices by identifying culprits and engaging collection agencies.
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