Receipt Bank, a London, UK-based provider of a digital bookkeeping platform, raised $73 million (£55 million) in Series C equity and debt funding.
The round was led by Insight Partners and Augmentum Fintech plc with participation from existing investors Kennet Partners (Kennet) and Canadian Imperial Bank of Commerce (CIBC).
The company intends to use the funds to continue expansion in Europe, Australia and North America, and build on its product suite.
Led by CEO Adrian Blair, Receipt Bank provides a digital bookkeeping platform which leverages proprietary machine learning technology. The system fetches financial information from multiple sources, digitizing and categorizing it for accountants and bookkeepers, more than 50,000 of whom use the platform.
The company’s solution processes and stores 45 new fields of small business financial data every second from receipt photos, bank accounts, invoices and bills.