Bookkeeping automation software company Receipt Bank has closed a $10m Series A funding round from equity firm Kennet Partners.

Launched in 2011 in London, the company, which now has five offices on three continents, has raised $15m  in funding to date.

Alexis Prenn, CEO of Receipt Bank, said: “Automation enables the best accounting firms to reduce their costs, save time and increase the speed and quality of their service.

“We are incredibly proud to be working with so many great firms who are redefining small business accounting and delighted to be partnering with such an experienced growth investor as Kennet. With this investment we will be able to further improve our industry­ leading technology and to help even more firms enhance their bookkeeping processes.”

Receipt Bank has developed a range of proprietary technologies ­including data extraction from receipts, bills and invoices ­to make the power of automation available to accountants and bookkeepers.

“Automation is clearly a big trend. Receipt Bank has led the field in bringing automation to small business accounting and bookkeeping and we are very excited to be supporting the company on its journey,” said Hillel Zidel, managing director of Kennet Partners

Receipt Bank recently joined TechCity’s Upscale programme.

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