AccountsIQ, a prominent player in the cloud-based accounting software arena, has successfully closed a €60m Series C funding round.
The investment was led by Axiom Equity, known for its strategic backing of B2B SaaS growth equity. This marks a significant step forward for AccountsIQ as it seeks to expand its influence and capabilities within the financial management sector.
The funds are earmarked for the continuous development of AccountsIQ’s innovative product suite. With a focus on harnessing advancements in artificial intelligence (AI), the investment aims to transform how finance functions operate, making them more efficient and future-ready.
AccountsIQ offers a comprehensive Financial Management System (FMS) provided as a Software-as-a-Service (SaaS). It tackles intricate challenges such as multi-currency consolidation, multi-level approvals, third-party integrations, and the automation of routine processes. By enhancing digital collaboration among finance teams and stakeholders, AccountsIQ elevates the financial intelligence across organisations, enabling more informed decision-making.
The fresh capital infusion will facilitate AccountsIQ in expanding its team to over 200 members in the coming years and in enhancing its AI functionalities. This will undoubtedly add substantial value to its diverse and growing customer base, propelling the company to new heights in the international FMS landscape.
AccountsIQ founder and CEO, Tony Connolly, shared his enthusiasm about the recent milestones achieved by the company, “Having hit a critical milestone with over 1,000 customers, we are now poised to take the AccountsIQ product and service to the next level. This investment comes at a perfect inflection point for our offering, to allow us leverage AI tools into practical, easy to adopt services for our user base; to make finance team roles more flexible, valuable, less repetitive and indeed more interesting.”
Echoing this sentiment, Martin Wygas, Founding Partner of Axiom Equity, commented on the partnership, “We were immediately impressed when we met the AccountsIQ team and saw the product and its positioning. The deep understanding of their customer base and forward-thinking vision deeply resonated with our team. Recognising the potential to accelerate AccountsIQ’s product development with additional capital and expertise, we are excited to be partnering with them to scale AIQ to the next level.”
Previously, AccountsIQ had raised substantial amounts in earlier funding rounds, which laid the groundwork for their current accelerated growth trajectory.
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
