Receipt Bank, the leading bookkeeping automation software company, announced today that it has raised USD$10m in growth capital from Kennet Partners, a leading international growth equity firm that invests in successful high growth companies in Europe and North America.
Award winning(1) 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.(3)
Alexis Prenn, CEO of Receipt Bank, said “ 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.”
Automation has been widely signalled to have the potential to disrupt many industries including accounting (2) . 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.
Hillel Zidel, Managing Director of Kennet Partners, added “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.”
Capital SCF served as financial advisor and Cooley (UK) LLP served as legal advisor to Receipt Bank during this financing.
About Receipt Bank:
Receipt Bank brings the power of automation to small business accounting. Receipt Bank’s bookkeeping automation software is used by the leading accounting and bookkeeping firms around the world to reduce their costs and increase the speed and quality of their service. The software is used within each firm and deployed to their small business clients.
Tens of thousands of small businesses are using Receipt Bank today; a number that is growing exponentially as more and more discover the benefits of automated bookkeeping...
www.receiptbank. com https://twitter.com/ReceiptBank
About Kennet Partners:
Kennet is a leading international growth equity firm that invests in companies in Europe and
North America. Kennet supports entrepreneurial technology businesses with expansion capital
to accelerate growth and build exceptional shareholder value. Kennet is an experienced investor with approximately $700 million in funds under management. For more information:
www.kennet.com. Kennet Partners Limited is authorized and regulated in the UK by the
Financial Conduct Authority.
1 Receipt Bank’s awards include the following:
2015: Xero’s “Addon of the Year”, Sleeter Group’s “Awesome App”, Institute of Certified
Bookkeepers’ “Addon of the Year”
2014: Xero’s “Addon of the Year”, Institute of Certified Bookkeepers’ “Support Software
of the Year”
2 “It was no shock to us that our own research showed PwC’s core business, accounting, is at
the highest risk of automation over the next 20 years as we have been planning this change for a while,” PwC Chief Executive Luke Sayers, “A Smart Move” PwC
report, May 2015.
Ralph Charlton, + 44 7793 041987; ralph@receiptbank.
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1 Automation http://www.ft.com/cms/s/2/ef24be04be8d11e59fdb87b8d15baec2.
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