Autobooks raises $25m in Series B round featuring TD Bank
Payments and accounting firm Autobooks has raised $25 million in Series B funding in a round led by MissionOG.
Autobooks has raised $47.5 million so far
The round also saw participation from Renaissance Venture Capital, Detroit Venture Partners, Draper Triangle, and TD Bank.
Detroit-based Autobooks offers small businesses the ability to send digital invoices and accept online payments.
The firm says it works with banks to instigate turn-key deployments of its system in less than 90 days.
It has raised a total of $47.5 million across five funding rounds since starting out in 2015.
Autobooks claims it had a bumper year in 2020, with 232% revenue growth and the addition of 46 new banks and credit unions to its network.
“Last year was extraordinary for many reasons, filled with new challenges and opportunities in the fintech sector,” says Steve Robert, CEO of Autobooks.
“Our team is humbled and inspired by the perseverance of small businesses.” He praises their ability to “overcome obstacles, embrace technology and modernize their back office against all odds”.
Autobooks says it will use its new funding to expand operations domestically and explore options abroad.
“As we analysed the market, we were impressed with Autobooks’ unique ability,” says MissionOG partner Rob Metzger.
“These partnerships help redefine integrated receivables, bringing immediate and significant value to treasury and cash-management services.”
Related: HSBC goes live with Demica system for trade receivables
