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Digital bookkeeping platform Receipt Bank is set to boost its presence in Australia following a successful series C capital raise of $73 million in equity and debt.
The latest funding round was led by Insight Partners, joined by Augmentum Fintech and with participation from existing investors Kennet Partners and Canadian Imperial Bank of Commerce (CIBC).
The funds will be used to extend Receipt Bank’s product suite and continue its expansion in Australia, Europe and North America.
Founded in 2010, Receipt Bank turns documents from a number of sources — including receipts, bank accounts, invoices and bills — into digital data.
Receipt Bank chief executive Adrian Blair said the funds and the doubling of customers in 2019 made for a “stellar 2019” for the company.
The total number of businesses using the platform has now surpassed 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,” Mr Blair said.
“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. We look forward to using these funds to expand our award-winning product set.
“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.”
The London-based company currently has over 50,000 accountants and bookkeepers using its software globally.
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