London-based Receipt Bank secures €65.4M to help businesses save time and money

Usually, businesses spend a lot of time and money sorting through paperwork to track expenses. This is why there is a necessity for a better way to let businesses track expenses and share them with accountants. And, the UK-based startup Receipt Bank handles the task efficiently thereby becoming one of the world’s leading digital bookkeeping platforms.

Founded in 2010, Receipt Bank connects accountants, businesses, and bookkeepers to unlock the value of accounting data. It supports over 300,000 businesses, and 35,000 bookkeepers and accountants, and processes over 5 million documents each month.

Secures €65.4M funding

In a recent development, Receipt Bank raised €65.4 million Series C funding in a round led by Insight Partners along with participation from Augmentum Fintech and existing investors Canadian Imperial Bank of Commerce (CIBC) and Kennet Partners.

The company will use the investment to extend its award-winning product suite and continue to expand rapidly in Europe, North America, and Australia. Receipt Bank CEO, Adrian Blair said, “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. 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.”

Fastest-growing UK tech startups!

Receipt Bank is one of the fastest-growing London tech startups. It automates the process of bookkeeping to save valuable time and money that businesses spend on taxes. Also, it lets them save accountants one hour each client on a weekly basis and keeps small businesses free from 120 hours of annual financial admin.

The UK-based company does this by using its proprietary machine learning technology, which fetches financial details from various sources, digitises and categorises the same. it dramatically improves the productivity of both bookkeepers and accountants. Receipt Bank processes and stores 45 new fields of financial details of small businesses every second from bank accounts, receipts, bills, and invoices. In 2019, Receipt Bank grew rapidly and almost 360,000 businesses use its platform for bookkeeping and accounting.

Main image picture credits: Receipt Bank

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