In 2016, Receipt Bank achieved more than $10m annual recurring revenue, as the automated bookkeeping platform’s growth has topped 100 per cent.
The company’s technology allows users to gather data from receipts and invoices on an automated basis through the use of artificial intelligence. To achieve the desired growth, Receipt Bank will use capital to fund its patent-pending technologies.
The rise of artificial intelligence is seemingly limitless. American investor Mark Cuban has even declared that the tech will create the first trillionaire in the world.
“I am telling you, the world’s first trillionaires are going to come from somebody who masters AI and all its derivatives and applies it in ways we never thought of,” he declared.
Insight Venture Partners led the $50m Series B investment, which will allow Receipt Bank to continue its plans for scaling beyond the existing 5,000 accounting firms and 100,000 SME clients across North America, EMEA and Australia.
Alexis Prenn, CEO, Receipt Bank, said: “Bookkeeping is at a pivotal point as automation technologies and artificial intelligence are bringing it out of the back office.
“With Receipt Bank, bookkeeping moves from a cost to a source of income – becoming the enabler of effective reporting, payments, lending and other value-adding services.”
The new investment takes total funding for the Receipt Bank to $65m. July has already been a busy month for the fintech industry, as Funding Circle introduced a new CFO to complement record figures, while mobile banks Tide and Revolut secured investments of $14m and $66m.
“Artificial intelligence has become a clear disruptor in several industries, including financial services,” said Brad Twohig, managing director at Insight Venture Partners.
“Receipt Bank is an industry-leader in using emerging technology to drive core functions forward. We are excited to welcome them to the Insight Venture Partners portfolio, and look forward to their continued innovation in this space.”