Receipt Bank raises $10 Million in growth funding capital
London, UK — February 2 2016 Receipt Bank, the leading bookkeeping automation software company, announces today that it has raised $10 million in growth capital from Kennet Partners, a leading international growth equity firm that invests in successful high-growth companies in Europe and North America, supporting entrepreneurial technology businesses with expansion capital.
Award-winning Receipt Bank provides automation to accounting and bookkeeping firms and their small business clients. Launched in February 2011, Receipt Bank has grown rapidly as the leading accounting firms around the world have adopted its software. Today Receipt Bank is used by thousands of accounting firms to power the bookkeeping of tens of thousands of small businesses and, on their behalf, processes millions of transactions each month. The company now has five offices on three continents including Washington DC, Sydney & London. Receipt Bank was also recently identified by TechCity’s Upscale programme as one of the UK’s 30 finest fast growth technology companies.
“Automation enables the best accounting firms to reduce their costs, save time and increase the speed and quality of their service. We are incredibly proud to be working with so many great firms who are redefining small business accounting and delighted to be partnering with such an experienced growth investor as Kennet. With this investment we will be able to further improve our industry leading technology and to help even more firms enhance their bookkeeping processes.” Alexis Prenn, CEO of Receipt Bank
Automation has been widely signalled to have the potential to disrupt many industries including accounting. Receipt Bank has developed a range of proprietary technologies including data extraction from receipts, bills and invoices to make the power of automation available to accountants and bookkeepers. These technologies allow firms to complete bookkeeping tasks faster and for less cost.
“Automation is clearly a big trend. Receipt Bank has led the field in bringing automation to small business accounting and bookkeeping and we are very excited to be supporting the company on its journey.” Hillel Zidel, Managing Director of Kennet Partners
Capital SCF served as financial advisor and Cooley (UK) LLP served as legal advisor to Receipt Bank during this financing.