Receipt Bank has raised US$50 million in Series B funding from American venture capital and private equity firm, Insight Venture Partners, bringing the total amount raised by Receipt Bank to US$65 million.
Receipt Bank has announced it will use the funding to accelerate its growth through recruiting the best talent in its core markets of North America, EMEA and Australia, and further developing its products.
“Bookkeeping is at a pivotal point as automation technologies and artificial intelligence are bringing it out of the back office. With Receipt Bank, bookkeeping moves from a cost to a source of income – becoming the enabler of effective reporting, payments, lending and other value-adding services,” said Alexis Prenn, CEO, Receipt Bank.
“This investment will enable us to further develop our proprietary technologies and bring these services to even more leading accounting and bookkeeping firms and their small business clients.”
Receipt Bank will also channel further investment into its patent-pending artificial intelligence technologies to ensure that it continues to help accountants, bookkeepers and small businesses to reduce the costs of bookkeeping, realise its benefits and move towards real-time accounting.
“Artificial intelligence has become a clear disruptor in several industries, including financial services,” said Bradley Twohig, managing director at Insight Venture Partners.
“Receipt Bank is an industry-leader in using emerging technology to drive core functions forward. We are excited to welcome them to the Insight Venture Partners portfolio, and look forward to their continued innovation in this space.”