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Michael Wood, of Receipt Bank, on disrupting bookkeeping and what VCs look for before investing

Michael Wood receipt bank

At UKTN, we’re always keen to shine a light on those who make up the UK’s thriving tech community.

We spoke with Michael Wood, a director at Receipt Bank, a bookkeeping platform for SMEs which recently closed a $50m Series B.

Wood spoke about how Receipt Bank came to be and the challenges facing other entrepreneurs wanting to disrupt the bookkeeping sector.

Tech vertical: FinTech
Funding: $65m
Staff count: 200
Location: London HQ
Founded: 2010

Q: What made you set up Receipt Bank?

Ten years ago I ran a small business and did my own bookkeeping. My accountant at the time suggested I wasn’t very good at it so I decided to look for something that would help me. I found Receipt Farm, which took my receipts and invoices and extracted the data. The problem was my accountant couldn’t access the data and I couldn’t import it into my own accounting software. I called them to see if they had plans to address this and while they thanked me for my feedback, they told me they were closing down. So I bought the company. I knew that by solving the problems I’d identified, by being accessible and able to integrate with other accounting software, there was a great opportunity. From that telephone conversation Receipt Bank was born...

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