UK accountancy software group Receipt Bank raises $50m

UK start-up Receipt Bank has raised $50m from US venture capital group Insight Venture Partners, as it looks to emulate the success of other British accountancy technology specialists such as Sage and Alfa Financial Software.

Receipt Bank, which was founded in 2010, provides software to help automate bookkeeping processes such as the collection of receipts and invoices for small and medium-sized businesses.

The company said it currently provides services to more than 5,000 accounting and bookkeeping firms across North America, Europe and Australia. It passed $10m of annual recurring revenue in 2016 and said it is more than doubling sales each year.

The latest fundraising – which brings the total amount raised by Receipt Bank to $65m – will be used to fund further product development.

Brad Twohig, managing director at Insight Venture Partners, which has previously backed companies including Alibaba, Twitter and Delivery Hero, said:

Artificial intelligence has become a clear disruptor in several industries, including financial services. 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.