Automated bookkeeping platform Receipt Bank has landed $50m (£38.4m) in Series B funding from Insight Venture Partners.
Launched in 2010, Receipt Bank says it will use the money to accelerate its growth and to boost product developments.
“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,” said Alexis Prenn, the CEO.
“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,” he added.
Brad Twohig, managing director at Insight Venture Partners, spoke about Receipt Bank’s use of AI.
“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.”
This round brings Receipt Bank’s total amount of funding raised to $65m (£50m).
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