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London based accounting technology company Receipt Bank has raised $50m in Series B funding led by Insight Venture Partners. Receipt Bank targets accountants, bookkeepers, and small businesses with an online platform that allows them to submit their invoices, receipts, and bills simply by snapping a photo and uploading it through the mobile app (Android, iOS), the desktop app, or an email submission.
Receipt Bank’s system then automatically extracts relevant data, sorts and categorizes it, and publish everything to the customer’s cloud accounting software of choice, be that FreshBooks, QuickBooks, or Xero. The company said that it works with more than 5,000 accounting and bookkeeping firms globally, representing over 100,000 clients across North America, EMEA, and Australia. It also told VentureBeat that last year it passed $10 million in annual recurring revenue (ARR), a revenue measure often used by subscription-based businesses. Indeed, Receipt Bank charges clients between $25 and $225 per month, depending on the number of items processed.
https://venturebeat.com/2017/07/20/receipt-bank-raises-50-million-insight-venture-partners/
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