Bookkeeping automation: London-based Receipt Bank raises $10 Million in growth funding

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Receipt Bank, a leading bookkeeping automation software company based in London, announced today that it has raised $10 million in growth capital from Kennet Partners, an international growth equity firm that invests in successful high-growth companies in Europe and North America.

Receipt Bank provides automation to accounting and bookkeeping firms and their small business clients. Launched in 2010, Receipt Bank has grown rapidly as 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 young company already 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 tech companies.

Alexis Prenn, CEO of Receipt Bank, stated: “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.”

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 cheaper.

Check out the video below in order to learn more about Receipt Bank: