Autobooks, the Detroit-based small business payment and accounting services platform that’s reportedly used by over 1,000 financial institutions, recently announced that it has been named to Inc. magazine’s Inc. 5000 list for 2022 — landing at No. 258 overall, and #2 in Michigan.
The Inc. 5000 list is a ranking of the nation’s “fastest-growing” private companies.
The recognition comes “at a moment of significant growth for the company, realizing 2,087% YoY increase, raising $50 million in a recent Series C funding, while also doubling employee headcount to 140.”
Despite challenging market conditions for fintech, the company has “a path to profitability and will continue to invest in growth, looking to fill more than twenty positions in engineering, sales, and marketing.”
Steve Robert, Co-Founder and CEO at Autobooks, said:
“Being recognized on the Inc. 5000 is a true testament to the extremely talented team we have assembled. Our team is incredibly passionate about serving small businesses and creating a durable business model that can win in times of change, while achieving spectacular growth.”
The company also announced that it has “moved their headquarters to a new location at 1505 Woodward in downtown Detroit.” The 8-story mid-rise was originally “designed by the famous architecture firm Albert Kahn Associates, and built in 1931 for the Richman Bros. Co.’s menswear store.”
Robert stated:
“Further establishing our roots in the city of Detroit and making the investment in our home away from home has been something our management team has been committed to doing for many years. The timing was finally right, and we could not be more excited to provide an innovative and collaborative environment to support both business growth, as well as the personal and professional development of our world-class team.”
As noted in the announcement, the company that installed the signage at its new headquarters happen to also be a client of Autobooks.
Detroit’s Metro Signs & Lighting “utilizes Autobooks from their bank, to run its business.”
Mary Ann Deters, VP of Metro Signs, remarked:
“Autobooks has allowed us to increase efficiency, sharing payment links with our customers, managing estimates, collecting deposits and processing invoices. We get immediate payments, settled directly into our bank account — which is what we want. This in turn has helped us increase our cash flow and reduce the length of our accounts receivable.”
As noted in the update, Detroit-based Autobooks is “a provider of small business banking solutions that make it easier to get paid, manage cash flow, and automate accounting.”
Through Autobooks, financial institutions can “provide essential back-office tools to better serve small and micro-businesses, directly within their existing digital banking channels.”