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Bookkeeping platform Receipt Bank raises $73m

By Lauren Fruncillo January 6, 2020 - 8:00 am

Here’s a new years resolution for you… Get on top of your accounts with the growing trend of digital bookkeeping. Receipt Bank, an automated digital bookkeeping platform, has just raised $73 million in a successful funding round led by Insight partners, joined by Augmentum Fintech with participation from existing investors Kennet Partners and Canadian Imperial Bank of Commerce (CIBC).

Receipt Bank is already gaining high recognition as shown by its customer base that doubled in 2019 alone. 360,000 businesses and accountants use the platform to keep their accounts in order and the money raised in the funding round will go towards extending their product suite and pushing expansion through Europe, Australia and North America.

“This investment is an endorsement of our mission at Receipt Bank – to help accountants do more, empowering millions of small businesses to save time on their finances and focus on growth. Our machine learning technology enables accountants to dramatically enhance their service to small business clients, expanding the market for professional advice by making accountants far more productive. We look forward to using these funds to expand our award winning product set.”
– Adrian Blair, CEO, Receipt Bank

Why opt for digital bookkeeping?

“Digital bookkeeping allows businesses to save both time and expense, and Receipt Bank’s technology make the company a clear leader in this sector.”
– Tim Levene, CEO, Augmentum Fintech

Receipt Bank in particular is a fast growing British company who automate bookkeeping to save businesses time and money on their taxes. The platform helps accountants by saving them time and frees small business from 120 hours of annual financial admin.

On the 1st of April 2019 Tax went digital for VAT-registered businesses and the Government state making tax digital is a key part of their plans for individuals and businesses to get their tax right and keep on top of their affairs. Clearly the change to digital is inevitable and doing so with bookkeeping could be a good way to start.

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