Receipt Bank snaps up €65 million to expand automated bookkeeping platform globally | EU-Startups
Summary
UK startup Receipt Bank, one of the world’s leading digital bookkeeping platforms, has raised more than €65.4 million in a successful Series C funding round. The funds will be used to extend Receipt Bank’s award-winning product suite, and continue rapid expansion in Europe, Australia and North America. Its proprietary machine learning technology fetches financial information from multiple sources, digitises and categorises it, dramatically improving the productivity of accountants and bookkeepers. The platform processes and stores 45 new fields of small business financial data every second from receipts, bank accounts, invoices and bills. 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.” Tim Levene, CEO of Augmentum Fintech, said: “Digital bookkeeping allows businesses to save both time and expense, and Receipt Bank’s technology make the company a clear leader in this sector.”
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