Receipt Bank raises $73m in Series C funding round
UK-based bookkeeping fintech Receipt Bank has raised $73 million in a Series C funding round led by Insight Partners.
Receipt Bank had raised $65m prior to this latest round
Participants in the round included Augmentum Fintech, Kennet Partners and Canadian Imperial Bank of Commerce (CIBC).
Receipt Bank plans to use the fresh funding to support its growth in Europe, Australia, and North America. The firm currently has operations in the UK, US, Canada, Australia, South Africa, and France.
The fintech experienced a significant uptick in business last year, doubling the number of businesses using its platforms to more than 360,000.
Receipt bank has gone through three prior funding rounds – a seed round worth $5 million in 2015, a $10 million Series A in 2016 and a $50 million Series B in 2017.
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“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,” says Adrian Blair, CEO of Receipt Bank.
He adds: “Our machine learning technology enables accountants to dramatically enhance their service to small business clients, expanding the market for professional advice by making accountants far more productive. We look forward to using these funds to expand our award winning product set.”
