UK-based Receipt Bank has announced the acquisition of data quality specialists Xavier, a Xero integration that was launched at the end of 2018, and was crowned as Xero’s national Emerging App of the Year award in March 2020.
According to Receipt Bank, Xavier detects errors and anomalies in complex business data within accounting software, reducing the frequency and the cost of fixing them for accountants and bookkeepers.
The app also uses the financial data and business performance metrics to provide an easily understandable health score.
Receipt Bank will only roll out Xavier to its Australian customers in spring, and the move is set to only benefit the 150,000 Receipt Bank clients using Xero.
The acquisition follows Receipt Bank’s successful $73 million series C raise in January and builds on its strategy to provide accountants with better tools to deliver advice to clients.
“This is a leap forward in our growth plans for 2020 and beyond. With Xavier, Receipt Bank gives accountants the tools to offer better business advice based on better-quality data at every step,” said Receipt Bank chief executive Adrian Blair.
Xavier chief executive Rich Nicolson added: “Our mission has always been to create accurate data for effective accounting. Being part of Receipt Bank allows us to fulfil that mission, at scale, with tens of thousands of accountants globally.”
The move consolidates two of the highest-rated services in the Xero ecosystem.