Finance-as-a-Service startup Consero Global secured $50 million in funding for its solution, with reports in AustinInno calling it one of the largest investment rounds for a mid-market financial services startup.
The publication said this week that Consero Global secured the funding from BV Investment Partners in the form of private equity. The company offers businesses a cloud-based accounting and financial management platform, SIMPL, as well as outsourced bookkeeping, controller and CFO services.
In a statement, Consero Global CEO Scott Tynes said the investment “further validates Consero’s vision for the Finance-as-a-Service market.
“Companies don’t want another piece of software to cobble together – they want complete solutions,” he added in a statement. “With this partnership with BV Investment Partners, we have the opportunity to grow our customer base exponentially, making Consero the go-to choice for companies [that] demand both financial excellence and operational efficiency.”
Reports in Accounting Today said Matt Kinsey, BV managing director, noted that the fund was first introduced to Consero as a service provider for BV’s portfolio companies.
“Having knowledge of some of the challenges that mid-market companies experience to generate timely and accurate financial information, we were quick to identify Consero’s platform as critical for informed decision making in a growth environment,” Kinsey said in a statement. “The Consero offering has a proven ROI for its customers and is imperative for business operations and management. We are excited to be involved in this pivotal stage of growth for the company.”
Consero plans to use the funding to focus on an acquisition strategy, expand development efforts and continue developing its underlying technologies.
The company was one of several B2B FinTech startups this week to secure new funding. In all, more than $107 million was placed at startups in the U.S., Canada and India targeting the eProcurement, alternative small business finance, business intelligence and B2B payments arenas.