Uplinq has raised $5.6 million in seed funding in a funding round led by AZ-VC, the Arizona-focused venture capital fund. The round included a strategic investment from Live Oak Ventures. Additional investors include Merus Capital and Members of the Kuwaiti Royal Family. This current funding is in addition to a previously unannounced round of $1.6 million from additional seed investors.
Uplinq aims to provide SMEs with financial intelligence and improved bookkeeping. Priced at a monthly subscription based on business needs, Uplinq serves a diverse group of industries while integrating with more than 10,000 financial firms and payroll/accounting service providers. Uplinq offers proprietary technology that organizes and categorizes business transactions to provide review-ready, real-time analysis. Customers can receive updated financials every week.
Uplinq CEO Alex Glenn said that people start small firms because they have an interest or expertise in an industry but not typically in bookkeeping. These firms may then choose from subpar options like outsourcing, hiring in-house, or doing it themselves.
That’s where Uplinq comes in. We offer businesses a better way to get professional help through our proprietary technology, that not only makes bookkeeping worry-free for the business owner, but also provides them with powerful data automation and machine learning to better understand their finances and how their business can improve,” said Glenn.
Glenn added that the funding will accelerate their next phase of growth while executing on their plans targeting a $15 billion industry.
Stephanie Mann, EVP of corporate development and strategy for Live Oak Bank: stated:
“Businesses are only as strong as their accounting systems, and the list of organizations that will benefit from Uplinq’s financial data and automation technology is growing steadily each day. We look forward to seeing the new ways Uplinq will help our network and new businesses thrive now and in the future.”
Benjamin Brockwell, Principal, AZ-VC, said they are eager to put their vast regional and global Fintech weight behind Uplinq.