FreshBooks, a Toronto, Canada–based small business accounting software provider, with paying customers in 160 countries, received a strategic investment from JPMorgan Chase & Co. (NYSE: JPM).
The amount of the deal was not disclosed. As part of the investment, a JPMorgan Chase representative will be joining FreshBooks’ board of directors.
The company intends to use the funds to continue to expand operations and its business reach.
Founded in 2004 by Mike McDerment, CEO, FreshBooks provides accounting software platforms for small businesses and self-employed professionals, with invoicing, time-tracking, expense management, online payments, bank reconciliation and double-entry accounting features.
Integrations include G Suite by Google Cloud, Slack, Gusto, HubSpot, Shopify, MailChimp, ZenDesk, MileIQ, Proposify, Trello, Basecamp, Asana, and more.
The company has paying customers in 160 countries.
The investment from JPMorgan Chase follows two previous institutional funding rounds, including a $30m USD ($40M CDN) Series A funding round in July 2014, and a $43m USD ($57M CDN) Series B funding round in July 2017.