Digital bookkeeping platform Receipt Bank notched approximately $73 million in equity and debt in a Series C funding round, according to an announcement by global investment bank Harris Williams. The funding round was led by Insight Partners, which was joined by Augmentum Fintech, with participation from existing investors Canadian Imperial Bank of Commerce (CIBC) and Kennet Partners.
Thierry Monjauze, managing director at Harris Williams, said, “It has been a privilege to be a continued trusted advisor to Receipt Bank and its shareholders, Insight and Kennet, over the last few years, advising on yet another successful transaction. Receipt Bank's momentum has been tremendous, and, with this new investment and new investor in Augmentum, we believe the growth is set to accelerate in the future.”
The funding will be used to continue growth in Australia, Europe and North America, in addition to building on Receipt Bank’s product suite. The proprietary machine learning technology of the company takes in financial data from multiple sources, categorizing and digitizing it for accountants and bookkeepers. The solution processes and stores 45 new fields of small business financial information each second — from bank accounts, invoices, receipt photos and bills.
Julien Oussadon, a director at Harris Williams, said, "Receipt Bank’s CEO Adrian Blair has established a team with exceptional talent, depth and experience — the opportunity ahead is exciting. This transaction adds to our strong track record of advising leading FinTech companies."
In separate news, reports surfaced in July that U.K. small business lender and commercial card company Capital on Tap was working with Receipt Bank to roll out the Receipt Bank Card. The company announced that the partnership would let small businesses gain greater control over company spend, as well as streamline expense management processes. By integrating the collection automation and data extraction technology of Receipt Bank, the firms can connect expense management capabilities to a corporate card solution for small businesses.