Augmentum Fintech PLC (LON:AUGM), an investment firm currently focused on the Fintech industry, recently revealed that it had invested £7.5 million (appr. $9.8 million) into UK-based online bookkeeping solution provider, Receipt Bank.
Augmentum’s latest investment has come as part of Receipt Bank’s £55 million (appr. $72 million) Series C round, which was led by Insight Partners. Existing investors Kennet Partners and Canadian Imperial Bank of Commerce (CIBC) also took part in the round.
At present, Receipt Bank serves six different markets, including the United Kingdom, US, Canada, Australia, South Africa and France. The capital raised will be used to help Augmentum further expand its operations into Asia and within Europe, according to a release.
Tim Levene, CEO at Augmentum, stated:
“Digital bookkeeping allows businesses to save both time and expense, and Receipt Bank’s technology makes 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 digitizes, which is a trend that they will leverage as they continue their global expansion, and which is supported by this fundraising round.”
In December 2019, Augmentum revealed that it had made an investment into Onfido, an established provider of digital identity verification, via a $5 million convertible loan note. This investment came after the firm’s initial £4 million (appr. $5.2 millon) investment in Onfido in March of last year.
Established in 2018, Augmentum Fintech plc is primarily a venture capital investment firm focusing exclusively on the Fintech industry. The company invests in early and late stage fast growing Fintech companies that aim to transform the traditional banking, insurance, and asset management sectors.
Augmentum claims it’s the UK’s only listed Fintech-focused VC firm. The company launched on London Stock Exchange’s primary market in 2018, allowing companies and business owners access to funding and support, “unrestricted by conventional fund timelines.”