Receipt Bank raises £55m in Series C funding led by Insight Partners to scale operations.
Insight Partners led the Series C round, which included participation from Augmentum Fintech, Kennet Partners, and CIBC.
Receipt Bank provides digital accounting software that automates the collection and processing of financial documents for accountants and small businesses.
Receipt Bank has secured £55m in a Series C financing round to fund international expansion and product development. The investment was led by Insight Partners, with participation from Augmentum Fintech alongside existing backers Kennet Partners and Canadian Imperial Bank of Commerce. Harris Williams advised the company on the transaction.
The capital arrives following a period of rapid client acquisition, during which the firm doubled its customer base over the course of 2019. Management intends to deploy the proceeds to scale operations across Europe, Australia, and North America while broadening its proprietary technology suite.
From the founder
"The addition of Augmentum alongside our current investors, Insight, Kennet and CIBC, strengthens our board and will help us meet our ambitious growth goals, following a stellar 2019."
Adrian Blair
CEO at Receipt Bank
Investor perspective
"Receipt Bank’s powerful machine learning technology allows businesses and their accountants to spend more time solving critical problems and less time on administration."
Jason Ewell
Operating Partner, Insight Partners
Use of funds
- 01Continue product development
- 02Expand into international markets
Investors
Jason Ewell
Insight Partners
Tim Levene
Augmentum Fintech
Kennet Partners
Canadian Imperial Bank of Commerce
Categories
About the company
Receipt Bank
Digital accounting platform that automates financial data management for accountants.