Receipt Bank, a UK-based digital bookkeeping platform, has secured $73 million through its Series C funding round, which was led by Insight Partners, joined by Augmentum Fintech with participation from existing investors Kennet Partners and Canadian Imperial Bank of Commerce (CIBC).
As previously reported, Receipt Bank describes itself as an award-winning bookkeeping automation platform that automates the collection and data extractions of receipts and invoices. It offers a range of bookkeeping processes for over 50,000 accounting and bookkeeping firms and more than 100,00 for small businesses in North America, EMEA, and Australia. The platform previously raised $50 million through its Series B funding round, which was led by Insight Venture Partners. Speaking about the latest round of funding, Receipt Bank CEO, Adrian Blair, stated:
“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.”
Tim Levene, CEO of Augmentum Fintech, also 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 added that the funds will be used to extend its product suite, and continue rapid expansion in Europe, Australia, and North America.