Receipt Bank, the award-winning bookkeeping automation platform and one of Europe’s fastest-growing businesses, has raised US$50 million in Series B funding from Insight Venture Partners.
The investment will be used to accelerate the growth of the company and to further develop its products. The group passed US$10 million ARR (Annual Recurring Revenue) in 2016 and continues to grow at more than 100% every year.
Receipt Bank has been revolutionising bookkeeping for small business since its launch in 2011. Working with the leading accountants and bookkeepers around the world, it was the first software company to automate the collection and data extraction of receipts and invoices. Today, Receipt Bank automates a range of bookkeeping processes for more than 5,000 accounting and bookkeeping firms and over 100,000 of their small business clients across the core markets of North America, EMEA and Australia.
An early adopter of Artificial Intelligence (AI), the company will be channeling further investment into its patent-pending technologies. This will ensure that Receipt Bank continues to help accountants, bookkeepers and small businesses to reduce the costs of bookkeeping, realise its benefits and move towards real-time accounting.
“Bookkeeping is at a pivotal point as automation technologies and artificial intelligence are bringing it out of the back office. With Receipt Bank, bookkeeping moves from a cost to a source of income - becoming the enabler of effective reporting, payments, lending and other value-adding services,” comments Alexis Prenn, CEO, Receipt Bank. “This investment will enable us to further develop our proprietary technologies and bring these services to even more leading accounting and bookkeeping firms and their small business clients.”
“Artificial intelligence has become a clear disruptor in several industries, including financial services,” said Brad Twohig, managing director at Insight Venture Partners. “Receipt Bank is an industry-leader in using emerging technology to drive core functions forward. We are excited to welcome them to the Insight Venture Partners portfolio, and look forward to their continued innovation in this space.”
The round of investment brings the total amount of funding raised by Receipt Bank to US$65 million.