Financial services firm Deutsche Bank and insurance group Axa have contributed to a €10m ($11.3m) funding round for Germany-based financial management technology developer Zeitgold, Calcalist has reported.
The round also included venture capital firms Battery Ventures, HV Holtzbrinck Ventures, Saban Ventures and BtoV Partners.
Founded in 2015, Zeitgold has created an app that helps small businesses complete paperwork-based tasks such as bookkeeping, payroll and invoice payment more efficiently.
The company claims the platform enables users to complete certain back-office tasks in less than 10 minutes per day, saving around 10 hours per week and reducing the amount of paperwork that needs to be filled out by businesses.
Zeitgold has now received approximately $27m in funding to date, having pulled in $11.9m in a September 2017 series A round featuring Battery Ventures and HV Holtzbrinck Ventures. It had received $4.4m in seed funding from the same two investors seven months earlier.