Receipt Bank acquires data processing platform Xavier

By Aisling Finn on Tuesday 16 June 2020

Digital Banking

Receipt Bank plans to roll out Xavier in Australia later on this year following its acquisition.

Receipt Bank acquires data processing platform Xavier
Image source: Adrian Blair/Receipt Bank

 

Receipt Bank, the digital accounting platform which rose to prominence through its receipt scanning technology to streamline expenses, has acquired data quality specialist Xavier.

Xavier provides an automated check of financial data and produces a financial health score for SMEs helping businesses to reduce accounting errors and keep costs low.

Receipt Bank made the acquisition with a slice of its $73m Series C raise it completed in January of this year from investors including Augmentum Fintech, although it’s not known how much the fintech dished out for Xavier.

The sale comes as Receipt Bank has moved to widen its accounting software offering to its 400,000-strong user base, as well as expanding overseas.

Adrian Blair, CEO of Receipt Bank, said: “This is a leap forward in our growth plans for 2020 and beyond. With Xavier, Receipt Bank gives accountants the tools to offer better business advice based on better quality data at every step.”

London-based Receipt Bank has offices across the US, Canada, France, South Africa and Australia and is hoping to springboard Xavier into Australia later on this year.

Rich Nicolson, CEO of Xavier, added: “Our mission has always been to create accurate data for effective accounting; being part of Receipt Bank allows us to fulfil that mission, at scale, with tens of thousands of accountants globally.”

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