Receipt Bank, the world’s leading digital bookkeeping platform, has raised $73 million (£55 million) in equity and debt in a successful Series C funding round.
Receipt Bank’s proprietary machine learning technology fetches financial information from multiple sources, digitises and categorises it, dramatically improving the productivity of accountants and bookkeepers, more than 50,000 of whom use the platform.
Receipt Bank CEO, Adrian Blair, commented: “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.
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“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.”
Jason Ewell, Operating Partner at Insight Partners and Receipt Bank Board member, commented: “Receipt Bank’s powerful machine learning technology allows businesses and their accountants to spend more time solving critical problems and less time on administration.”
One of the fastest growing British technology companies, Receipt Bank automates bookkeeping to save businesses time and money on their taxes. The platform saves accountants one hour per client weekly and frees small business from 120 hours of annual financial admin.