Accounting platform Autobooks scores $50m Series C

Payment and accounting platform Autobooks has collected $50m in its Series C funding round.

Macquarie Capital Principal Finance served as the lead investor, with commitment also coming from Baird Capital, Commerce Ventures, Draper Triangle, Mission OG and TD Bank.

Autobooks claims to be the leading embedded receivables platform for small businesses. Its platform supports digital invoices, payment acceptance and automated accounting directly within internet and mobile banking.

Over the past year, Autobooks has increased its bank deployments by 800% to reach 840 instals. The increase also enabled a 700% rise in small business customer adoption, with over 60,000 businesses now on the platform, it said.

Autobooks claims to average over 10,000 monthly enrolments and has surpassed $40bn in transaction volume. 

Its clients include Alkami, Bottomline, CSI, FIS, Jack Henry, NCR and more.

Autobooks co-founder and CEO Steve Robert said, “Businesses are increasingly looking for simple, bundled solutions to get paid and automate their back-office. If the bank can’t offer these services quickly, businesses will (and have) gone elsewhere.

“To maintain primacy, banks must optimise legacy merchant service programs to include digital payment acceptance tools that feature self-service onboarding. Autobooks makes this possible through our payment facilitation (payfac) model, which can be enabled within days by industry leading partners.”

As part of the investment, Macquarie Capital senior managing director Larry Handen will join the Autobooks board of directors.

Autobooks previously raised $25m in its Series B funding round in March 2021. The capital injection was led by MissionOG.

Fellow accounting software developer Ageras recently picked up $24m in funding. Its platform offers tools for accounting, bookkeeping, tax preparation and auditing.

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