London, U.K.-based financial technology startup Receipt Bank has raised $50 million in a Series B funding round from New York venture capital firm Insight Venture Partners. The deal represents one of the largest in the UK fintech space since Brexit and brings Receipt Bank’s total funding to $65 million.
The accountancy software provider, launched in 2010, acts as a bookkeeping service for small businesses and was the first to automatically process information from uploaded images of receipts and invoices, allowing its customers to cut the cost and time associated with manually sorting them. The software also provides the option for Receipt Bank’s customers to send push notifications to its clients’ phones to remind them to send invoices and receipts.
Insight Venture Partners Managing Director Brad Twohig said his firm was drawn to Receipt Bank due to its use of artificial intelligence in its product to read receipts.
“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,” stated Twohig.
The British tech firm says it lists over 5,000 accounting and bookkeeping firms, who use the product for more than 100,000 small business clients. With the new funding, the company plans on adding 40 staff based in the UK. Receipt Bank reports last year’s annual recurring revenue to have exceeded $10 million, indicating that it is growing at a rate of 100% per year.
Receipt Bank is among a growing wave of newly-capital rich UK fintech startups such as Soldo, Tide, Curve and Revolut.