AccountsIQ, a SaaS financial management software platform for mid-market SMEs, has secured €5.8 million (approx £5 million) funding. The UK-and-Netherlands-based fintech-focused venture capital firm Finch Capital backed the investment.
The funding will be used to accelerate growth and recruitment across sales and marketing and engineering to continue enhancing the product.
Cloud accounting platform
Founded by Tony Connolly in 2008 in Dublin, AccountsIQ addresses problems faced by businesses operating across multiple different locations, currencies, and jurisdictions.
The company’s cloud accounting platform is delivered as a fully hosted Software-as-a-Service offering that cuts costs, informs better decision-making, and boosts productivity.
Designed for multi-entity businesses
According to the company, it is designed for organisations that need a common platform for managing and benchmarking multiple companies and business units. It handles complexities such as sub-groups, multiple currencies revaluations, inter-company transactions and minority interests.
The platform uses AI and an open API strategy to automatically synchronise bank accounts, generate electronic payments, auto-post electronic invoices and integrate front-end systems with easy approval workflow and expense capture via smartphone.
Further, its open API allows integration with 3rd party software, and it’s already integrated with TransferMate Global Payments, TINK, BrightPay, Kefron AP, Chaser, Concur, Salesforce and ISAMs.
Used across 85 countries
Currently, AccountsIQ is used by 4,000 businesses across 85 countries. Customers span sectors including financial services, technology, and renewable energy, with clients such as PwC, Linesight Global Construction Group, Asavie Technologies, GP Bullhound, and Throgmorton.
“The combination of Brexit and Covid has led businesses to reconsider their regional presence. Previously, businesses looking to expand or franchise internationally would have to implement complex and expensive systems to manage these operations. Now they can do it all with a cloud-based, scalable and affordable FMS solution,” said Tony Connolly, AccountsIQ CEO and founder. “We built AccountsIQ as a cloud solution to make it easy for individual entities to manage local finances while providing instant group-wide control and analysis of results.”
Aman Ghei, partner at Finch Capital, comments: “In today’s dispersed world, AccountsIQ’s focus on serving businesses growing locally and internationally has never been more relevant. As investors in companies that are shaping the future of finance we are excited to back this established executive team and award-winning product. We look forward to supporting AccountsIQ through its ambitious plans for rapid growth and expansion.”