Michigan-based startup Autobooks has raised $5.5 million in venture funding. This follows an earlier $2 million seed funding round. Draper Triangle Ventures led the funding joined by strategic investor the Lansing-based Michigan Credit Union League.
Autobooks provides an integrated receivables platform that works together with an online bill pay function. The company wants to make invoicing as easy as Square makes credit card processing. The company licenses its software to banks which then allows the financial institution to generate revenue by offering it to their customers.
Jonathan Murray from Draper told Crain’s they liked Autobook because it had an experienced team with a previous high-value exit. Murray also believes there is a shift in strategy for Fintech firms;
“The first wave of Fintech companies focused on disintermediating banks from their customers, but they found that to be hard to do. The current generation is finding it productive to partner with banks, and that is what Autobooks is doing.”