UK-based digital bookkeeping software provider Receipt Bank secured $73m on Friday in a series C round featuring financial services firm Canadian Imperial Bank of Commerce.
The round consisted of both equity and debt financing and was led by venture capital firm Insight Partners. It also included fintech investment firm Augmentum Fintech, which provided $10m, and growth equity firm Kennet Partners.
Receipt Bank has created a machine learning-equipped software platform used by some 360,000 customers that absorbs small-business financial data from sources such as bank accounts, invoices, receipts and bills to support accounting and bookkeeping work.
Investment banking services provider Harris Williams advised Receipt Bank and its investors on the round. The company plans to use the funding to grow its business across Europe, North America and Australia.
Adrian Blair, chief executive of Receipt Bank, said: “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.
“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.”
Kennet Partners had invested $10m in the company in 2016 before Insight Partners added $50m in series B funding the following year.
