Small business payment and accounting services platform Autobooks raised $25m in Series B financing.
Led by MissionOG, the round saw participation from Renaissance Venture Capital, Detroit Venture Partners and Draper Triangle along with TD Bank Group.
The Detroit-based company intends to use the funds to expand operations domestically, enter international markets, accelerate product innovation, further engage with enterprise banks and boost its recruitment process.
Led by CEO Steve Robert, Autobooks enables small businesses to send digital invoices and accept online payments directly from their financial institution’s existing online and mobile banking channels. Furthermore, it aids SMEs to manage cash flow and automate accounting.
According to MissionOG general partner Rob Metzger, “[The partnership will] help redefine integrated receivables, bringing immediate and significant value to treasury and cash-management services and the small businesses who most need the help.”
Echoing a similar sentiment head of TD Bank Chris Giamo said, “In 2020, we launched an integrated accounting and receivables platform, TD Online Accounting, in collaboration with Autobooks. We know that they share our philosophy of serving businesses, which is why we are pleased to continue working with Autobooks.”
Giamo added, “We understand business owners are busy and desire efficient solutions that provide them with more time to focus on what’s most important – the health and success of their business.”
Detailing on the firm’s key driving factors, Robert said while last year was filled with new challenges and opportunities in the FinTech sector, the firm has scaled up.
He added, “Our team is humbled and inspired by the perseverance of small businesses – their creativity and resourcefulness to overcome obstacles, embrace technology and modernize their back-office against all odds. We hear these stories every day, recognise their unmet needs and aim to help restore banks and credit unions role at the centre of their customers’ financial lives – combining modern technology, personalised service and contextual awareness to help businesses realise their full potential.”
Working directly with banks and credit unions, the firm has developed partnerships with the industry’s leading core & internet banking providers to ensure turn-key deployments, often in less than 90 days, it said.
The banking and accounting solutions provider claims it saw a 232% revenue growth and added nearly 50 financial institutions to its customer base of banks and credit unions, with assets ranging as high as $350bn.
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