Autobooks, a U.S.-based small business payment and accounting services platform, announced on Thursday it raised $25 million through its Series B financing round, which was led by MissionOG with participation from Renaissance Venture Capital, Detroit Venture Partners, Draper Triangle, and TD Bank Group.
Founded in 2015, Autobooks notably works with financial institutions to deliver what small businesses need: cash flow management, payment services, and financial reporting integrated directly into current banking channels.
“Autobooks provides a simple, yet automated approach to small business banking. Our solution makes accounting and payments easy to understand, which helps small business in their day-to-day, giving them more time to do what they do best. Autobooks creates opportunities for established business owners, as well as emerging micro, lifestyle and gig economy entrepreneurs.”
Autobooks further revealed it now has a growing customer base of banks and credit unions, with assets ranging from $50 million to $350 billion. Steve Robert, CEO of Autobooks, then stated:
“Last year was extraordinary for many reasons, filled with new challenges and opportunities in the fintech sector. Our team is humbled and inspired by the perseverance of small businesses – their creativity and resourcefulness to overcome obstacles, embrace technology and modernize their back office against all odds. We hear these stories every day, recognize their unmet needs and aim to help restore banks and credit unions role at the center of their customers’ financial lives – combining modern technology, personalized service and contextual awareness to help businesses realize their full potential.”
Autobooks then added the Series B funds will be used to continue to expand operations domestically, as well as enter international markets; accelerate product innovation; further engage with large, enterprise banks; and grow its team with a key focus on product development and customer success.