Digital bookkeeping platform Receipt Bank recently announced that it has raised $73 million (£55 million) in equity and debt in a Series C funding round led by Insight Partners.
Augmentum Fintech, as well as existing investors Kennet Partners and Canadian Imperial Bank of Commerce (CIBC), also participated. The new funding will be used to continue Receipt’s expansion in Europe, Australia and North America, as well as to keep building its product suite.
“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,” said Receipt Bank CEO Adrian Blair.
Receipt’s proprietary machine learning technology collects financial data from various sources, enabling its platform to process and store 45 fields of information every second from receipts, bank accounts, invoices and bills. The company boasts that it saves accountants one hour per client weekly, while also sparing small businesses from 120 hours of financial admin work each year.
Last year, the company doubled its customer base, with the number of businesses using the platform rising above 360,000.
“Receipt Bank’s powerful machine learning technology allows businesses and their accountants to spend more time solving critical problems and less time on administration,” added Jason Ewell, Operating Partner at Insight Partners and Receipt Bank Board member.
The funding round follows a July announcement that U.K. FinTech Capital on Tap was partnering with Receipt Bank on the Receipt Bank Card. The card allows small businesses to track all business spending, as well as issue multiple cards for employees and set individual card limits.
The partnership also utilizes Capital on Tap’s integration with small business accounting platform Xero so that businesses can easily access accurate bank data. Capital on Tap explained that the solution will help small businesses follow the U.K.’s new “Making Tax Digital” initiative.
The card boasts an instant credit approval of up to £50,000; up to 56 days interest-free on card purchases; as many as 20 free supplementary cards, managed via an online admin; and free UK ATM withdrawals and no FX ATM charges.