UK-based accountancy automation startup Receipt Bank has secured $73 million (£55 million) in a Series C funding round led by American VC fund Insight Partners.
Founded in 2010, Receipt Bank uses machine learning technology to collate financial information from an array of sources, such as invoices and receipts, in order to digitise and categorise it in a simplified manner for accountants.
The firm has already secured a customer base of 360,000, and processes over two million documents like expenses every week.
The company employs more than 450 people in offices across four continents. The money from this latest round of funding will be used to expand its footprint in Europe, Australia and North America. The company notes it experienced significant growth in 2019, as it doubled the amount of businesses using the platform.
CEO Adrian Blair told Computer Business Review in an emailed statement that: “In 2020 we will be growing further, faster in our existing markets. North America has the largest base of accounting/bookkeeping firms across our portfolio and is one of our largest markets. Kalliopi Vlastos, GM of the US and Eric Tung, GM of Canada, both operators with world-leading experience, joined the business in the second half of last year to turbo charge our growth in both markets.”
Receipt Bank Funding Now Stands at £104
The latest round of funding was led by Insight Partners, who were also joined by Augmentum Fintech. The series C funding round brought in £55 million in equity and debt, bringing Receipts Banks total acquired funding from all rounds to £104 million.
Receipt Bank automates bookkeeping in a number of ways using Optical Character Recognition (OCR) and templating technology which extracts information from documents such as invoices and receipts and formats it. Once data has been scanned and extract it is then displayed in a format that can be easily read or published.
CEO Adrian Blair told us that: “We are making accountants far more productive and will help millions of small businesses to grow by giving them control and visibility into their finances. The Series C funding is a vote of confidence in this mission, and gives us bandwidth to extend the range of our products at a fast pace. Our ambition is to ensure that the tens of thousands of accounting professionals that serve the millions of small businesses in our operating markets trust us as a business essential.”