NEWSBYTE London-based digital bookkeeping tools provider Receipt Bank has raised $73 million in Series C funding, according to an announcement from the company.
The private equity and debt round was led by Insight Partners, alongside Augmentum Fintech, Kennet Partners, and the Canadian Imperial Bank of Commerce (CIBC) – with the latter two being existing investors.
The FinTech startup will use the funds to extend its pre-accounting productivity suite and cloud-based product portfolio, and continue expansion in Europe, Australia, and the US.
Receipt Bank provides digital and app-based receipt scanning, automation, machine learning, data export, and secure cloud storage for accountants and bookkeepers, allowing them to speed up the essential practical but low-value-adding parts of their jobs.
The company has reported doubling customer numbers over the past 12 months, with its claimed number of business customers now exceeding 360,000.
“This investment is an endorsement of our mission at Receipt Bank – to help accountants do more, empowering millions of small businesses to save time on their finances and focus on growth,” wrote CEO Adrian Blair in a blog post.
“Our machine learning technology enables accountants to dramatically enhance their service to small business clients, expanding the market for professional advice by making accountants far more productive.”
Jason Ewell, Operating Partner at Insight Partners and a Receipt Bank Board member, added: “Receipt Bank’s powerful machine learning technology allows businesses and their accountants to spend more time solving critical problems and less time on administration.”
Tim Levene, CEO of Augmentum Fintech, said: “Digital bookkeeping allows businesses to save both time and expense, and Receipt Bank’s technology make the company a clear leader in this sector.”