Xavier, which works to automate checking of complex financial data and can detect errors in business data, can also offer easily understandable health scores, the release states. By using this technology, bookkeepers can save money and time.
The move comes in the wake of Receipt Bank's Series C funding round, which raised $73 million in January. The press release touts the move as one that can help companies streamline their accounting services.
Xavier CEO Rich Nicolson said the move to become part of Receipt Bank is one that would let the firm continue to "create accurate data for effective accounting" as was the company mission, the release states.
Adrian Blair, CEO of Receipt Bank, said the acquisition would continue to let the bank grow.
"With Xavier, Receipt Bank gives accountants the tools to offer better business advice based on better quality data at every step," he said in the release.
Receipt Bank plans to offer the tool in Australia this fall and will expand the joint offer internationally this year, according to the release. The bank's business insights tool Resilience is also planned to launch this year.
Receipt Bank's Series C was led by Insight Partners with more funding coming from Augmentum Fintech, Canadian Imperial Bank of Commerce (CIBC) and Kennet Partners, PYMNTS reported. The money went toward continued growth in Australia, Europe and North America, and building a digital product suite.
Receipt Bank also partnered with Capital on Tap, the U.S.-based small business lender and commercial card company, on the Receipt Bank Card, which can help businesses with expense management through streamlined functions.