Digital bookkeeping platform Receipt Bank has raised £55m ($73m) in its latest funding round.
The round was led by American venture capital and private equity firm Insight Partners. Augmentum Fintech, an investment company focusing on the fintech sector, made a £7.5m investment and existing investors Kennet Partners and Canadian Imperial Bank of Commerce (CIBC) also participated.
UK-headquartered startup Receipt Bank is the world’s leading digital bookkeeping platform and currently operates in the UK, US, Canada, Australia, South Africa, and France.
The £55m will be used to continue its growth in Europe, Australia and North America as well as extend Receipt Bank's award-winning product suite.
The company wants to build on its rapid expansion in 2019, when it doubled the number of businesses using the platform to over 360,000.
Receipt Bank’s proprietary machine learning technology takes financial information from multiple sources, digitises and categorises it, dramatically improving the productivity of accountants and bookkeepers. The platform processes and stores the financial data of small businesses from receipts, bank accounts, invoices, and bills.
Adrian Blair, Receipt Bank CEO, 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.”
“The addition of Augmentum alongside our current investors, Insight, Kennet and CIBC, strengthens our board and will help us meet our ambitious growth goals, following a stellar 2019.”
Tim Levene, CEO of Augmentum Fintech, commented: “Digital bookkeeping allows businesses to save both time and expense, and Receipt Bank’s technology make the company a clear leader in this sector.
“Receipt Bank’s continued growth and product evolution demonstrates that they provide an increasingly essential service for accountants as bookkeeping digitises, which is a trend that they will leverage as they continue their global expansion, and which is supported by this fundraising round.”