The round was led by Insight Partners and included Augmentum Fintech, Kennet Partners, and Canadian Imperial Bank of Commerce . Receipt Bank uses machine learning to process financial information from different sources in order to digitize and categorize the info to improve accountants' and bookkeepers' productivity.
Receipt Bank was able to double its customers last year. In 2019, the fintech took the total number of businesses using the platform to over 360,000. Additionally, 50,000 bookkeepers use Receipt Bank. By automating bookkeeping to save businesses time and money, Receipt Bank reduces the time accountants spend weekly on financial administration per business by 1 hour, and frees small businesses from 120 hours of annual financial administration.
Here's why Receipt Bank will likely continue to attract more clients, and what it can do to further boost success: Small businesses still lack access to appropriate financial services. UK-based small- and medium-sized businesses spend nearly three working weeks every year navigating tax reporting processes, data from the Federation for Small Businesses , with 40% of SMBs saying that automation of tax calculations would be useful. So, platforms like Receipt Bank will likely continue to be in high demand from SMBs as they look to make their operations more efficient.
Moving forward, Receipt Bank should look into integrating with banks and neobanks to remain relevant. A number of fintechs are looking to help SMBs get access to appropriate financial services.
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