Insight Partners et al. in £55m round for Receipt Bank

Harriet Matthews
03 January 2020

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New York-based Insight Partners has led a £55m round for accountancy software developer Receipt Bank.

The round also saw participation from existing investor Kennet Ventures and new investor Augmentum Fintech.

The company aims to use the fresh capital to increase its presence in current markets and to enable further market and product expansion.

Previous funding
Kennet led a $10m growth round for the business in 2016.

Kennet and Insight then participated in a series-B round for Receipt Bank a year later, contributing a total of $65m across two stages. The company said at the time that it aimed to use the fresh capital to invest in further patent-pending technologies.

Company
Receipt Bank provides software for accountants and bookmakers that aims to give businesses increased visibility and control regarding their finances.

It is headquartered in London and has six offices in total, including in Washington DC, Sydney and Paris. The company was founded in 2010 and employs 500 staff. It generates revenues of $9.4m, according to Zoominfo.

People
Receipt Bank – Adrian Blair (chief executive).

Advisers
Equity – Harris Williams (corporate finance).