Bookkeeping start-up Receipt Bank lands $50m Series B
Startups 100-featured accountancy firm will use funding to hire 40 new UK-based staff
Receipt Bank, the London-based accountancy start-up, has raised $50m (£38.4m) in Series B funding led by Insight Venture Partners.
Launched in 2010 by Michael Wood and Alexis Prenn, Startups 100-featured Receipt Bank is an automatic receipt scanning service for small businesses that aims to make bookkeeping “faster, easier, and more efficient”.
Users scan and upload any paper receipts, invoices or utility bills using the app, which extracts and organises the key information. The company claims that over 5,000 accounting and bookkeeping firms and 100,000 of their clients benefit from its service.
Following a $10m Series A in February 2016 and a $5m seed round in 2015, the finance brings total investment in Receipt Bank to $65m and will be used to invest in the hiring of 40 new UK employees.
Prenn commented: “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-added services.
“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.”
Brad Twohig, managing director at Insight Venture Partners, added: “Artificial intelligence has become a clear disruptor in several industries, including financial services. 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.”