Bookkeeping platform Receipt Bank has secured a £55m ($73m) boost from venture capital funds in the US and the UK.
The cash, a mix of equity and debt, will be used to expand the group’s products and to continue its growth in Europe, Australia and North America.
The company doubled customers in 2019, taking the total number of businesses using the platform to more than 360,000.
Empowering millions
Receipt Bank completed the Series C fundraising last week. The deal was led by New York-based Insight Partners and London’s Augmentum Fintech.
Adrian Blair, Receipt Bank CEO, says: “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.
“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.
Award winning
“We look forward to using these funds to expand our award winning product set,” adds Blair, who was previously Just Eat’s COO.
“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.”
Tim Levene, CEO of Augmentum Fintech, adds: “Digital bookkeeping allows businesses to save both time and expense, and Receipt Bank’s technology makes the company a clear leader in this sector.
“Receipt Bank’s continued growth and product evolution demonstrates that they provide an increasingly essential service for accountants as bookkeeping digitises, which is a trend that they will leverage as they continue their global expansion, and which is supported by this fundraising round.”
