Insight backs $50m series-B for Receipt Bank

The new money will be used to accelerate product development and invest further in patent-pending technologies.

Including seed funding, the company has raised a total of $65m from outside investors to date.

Previous funding
In February 2016, Kennet Partners invested in a $10m growth round for Receipt Bank. The investment was made with the intention of expanding the company's geographical reach and further developing the product.

Company
London-based Receipt Bank has developed software to automate accounting and bookkeeping. Its technology includes data extraction from receipts, bills and invoices, designed to enable faster and cheaper processing for bookkeeping. It now automates processes for more than 5,000 accounting and bookkeeping companies across North America, EMEA and Australia.

The company was founded in 2010 and now operates out of offices in London, Washington DC, Sydney, Toronto and Paris.

People
Insight Venture Partners - Brad Twohig (managing director).
Receipt Bank - Alexis Prenn (CEO).

Advisers
Company - Harris Williams & Co, Thierry Monjauze, Jonathan Organ, Sylvain Noblet, Mathew Tsui (corporate finance).

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• Topics
• Expansion
• UK / Ireland
• Technology
• Insight Venture Partners
• United Kingdom
• Venture