UK-based digital bank Metro Bank Plc recently revealed that it has teamed up with Canadian Fintech firm Sensibill in order to test out an app-based online receipt system made for small businesses.
Metro bank notes that it’s inviting small business owners to take part in the trial where consumers can take photos of receipts with their mobile phones and merge the data with their bank’s transaction log.
Metro bank says it intends to introduce plans to add bookkeeping, invoicing, receipt management and value-added tax (VAT) into its digital banking and mobile payments app, in addition to integrating the data with various cloud accounting service providers.
Paul Riseborough, chief commercial officer at Metro Bank, stated in a release:
“Accounting tasks, along with chasing invoices and staying on top of receipts, are major pain points for SMEs. By partnering with Sensibill we [aim to] offer an innovative, digital solution that solves real problems for our customers, saving them time spent on admin and allowing them to focus on running and growing their business.”
Corey Gross, co-founder and CEO at Sensibill, noted:
“Metro Bank is building a suite of [useful] tools that [could] help transform the small business banking experience in the UK. Our partnership with Metro Bank [aims] to deliver customer-centric solutions that improve the financial well-being of banking customers.”
Earlier this year in July, Sensibill acquired $31.5 million via its Series B investment round, which was led by artificial intelligence (AI)-focused VC fund Radical Ventures. Established in 2013, Sensibill works with multinational financial institutions to solve their users’ point of management receipt issues.