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Receipt Bank raises $73m in Series C funding

January 3, 2020,
by volcanic

London, UK 3 January 2020.

Receipt Bank, the world’s leading digital bookkeeping platform, has raised $73.1 million (£55 million) in a successful Series C funding round. The round was led by Insight Partners, joined by Augmentum Fintech with participation from existing investors Kennet Partners and Canadian Imperial Bank of Commerce (CIBC), and advised by Harris Williams.

The funds will be used to continue expansion in Europe, Australia and North America, and build on Receipt Bank’s award-winning product suite.

The company doubled customers in 2019, taking the total number of businesses using the platform to above 360,000.

Receipt Bank’s proprietary machine learning technology fetches financial information from multiple sources, digitises and categorises it, making it ready for accountants and bookkeepers, more than 50,000 of whom use the platform. The platform processes and stores 45 new fields of small business financial data every second from receipt photos, bank accounts, invoices and bills.

Receipt Bank CEO, Adrian Blair, commented: “This investment is an endorsement of our mission at Receipt Bank - to help millions of small businesses grow by getting control of their finances. Our machine learning technology enables accountants to do far more for their small business clients, and expands the market for professional advice by making accountants far more productive.

“The addition of Augmentum alongside our current investors, Insight, Kennet and CIBC, strengthens our board and will help us meet our ambitious growth goals, following a stellar 2019.”

Jason Ewell, Operating Partner at Insight Partners and Receipt Bank Board member, commented: “Receipt Bank continues to make giant leaps forward in machine learning technology. We are excited to see the company’s continued progress in the coming years.”

Tim Levene, CEO of Augmentum Fintech, said: “Digital bookkeeping allows all businesses to save time and expense and Receipt Bank's technology and growth make the company a clear leader in this sector.”

One of the fastest growing British technology companies, Receipt Bank automates bookkeeping to save businesses time and money on their taxes. The platform saves accountants one hour per client weekly and frees small business from 120 hours of annual financial admin.