Receipt Bank, a London, UK-based bookkeeping automation platform, raised US$50m in Series B funding.
Insight Venture Partners made the investment, which brings the total amount of funding raised by Receipt Bank to US$65m.
The company will use the funds to accelerate its growth and to further develop its patent-pending technologies.
Launched in 2011 and led by Alexis Prenn, CEO, Receipt Bank provides small businesses with an Artificial Intelligence (AI) powered platform working with accountants and bookkeepers around the world to automate the collection and data extraction of receipts and invoices. Today, the company automates a range of bookkeeping processes for more than 5,000 accounting and bookkeeping firms and over 100,000 of their small business clients across the core markets of North America, EMEA and Australia.