By Daniel Lanyon on Friday 3 January 2020
Receipt Bank automates bookkeeping and is one of the fastest-growing UK technology companies.
Digital bookkeeping platform Receipt Bank has raised £55m Series C round with £7.5m from Augmentum Fintech.
The round, which was a mixture of equity and debt, led by Insight Partners, with participation from existing investors Kennet Partners and Canadian Imperial Bank of Commerce (CIBC).
Receipt Bank currently operates in six markets - the UK (where it is headquartered), US, Canada, Australia, South Africa and France. The new funding will support further expansion to new markets in Asia and within Europe.
Tim Levene, 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. Receipt Bank’s continued growth and product evolution demonstrates that they provide an increasingly essential service for accountants as bookkeeping digitises, which is a trend that they will leverage as they continue their global expansion, and which is supported by this fundraising round.”
Investment bank Harris Williams advised on the deal.