debt and equity infusion to be used for expansion and product development.
by 卡塔尔世界杯常规比赛时间 research
london-based receipt bank, which fields machine-learning software that fetches financial information from multiple sources, digitizing and categorizing it for more than 50,000 accountants and bookkeepers, has raised $73 million in debt and equity financing for product development and market expansion.
the news follows bill.com’s initial public offering in december on the new york stock exchange where it sold 9.82 million shares, raising $216 million and giving it a valuation of about $1.6 billion. bill.com automates invoicing for 81,000 businesses.
one of the fastest-growing british technology companies, receipt bank software processes, and stores 45 new fields of small business financial data every second from receipt photos, bank accounts, invoices, and bills, saving accountants one hour per client weekly and freeing small businesses from 120 hours of annual financial administration.
harris williams, a global investment bank specializing in m&a advisory services and a subsidiary of the pnc financial services group, announced receipt bank’s series c capital raise of approximately $73 million (£55 million) in equity and debt, led by insight partners, joined by augmentum fintech plc, with participation from existing investors kennet partners and canadian imperial bank of commerce. receipt bank is one of the world’s leading digital bookkeeping platforms.
the funds will be used to continue expansion in europe, australia, and north america, and build on receipt bank’s award-winning product suite. the transaction, led by thierry monjauze, tyler dewing, julien oussadon, sylvain noblet and mathew tsui of the harris williams technology, media & telecom group, builds upon harris williams’ experience in the fintech sector.
“it has been a privilege to be a continued trusted advisor to receipt bank and its shareholders, insight, and kennet, over the last few years, advising on yet another successful transaction,” said thierry monjauze, a managing director at harris williams. “receipt bank’s momentum has been tremendous and, with this new investment and a new investor in augmentum, we believe the growth is set to accelerate in the future.”
“receipt bank’s ceo adrian blair has established a team with exceptional talent, depth, and experience – the opportunity ahead is exciting,” said julien oussadon, a director at harris williams. “this transaction adds to our strong track record of advising leading fintech companies.”
receipt bank’s proprietary machine learning technology fetches financial information from multiple sources, digitizing and categorizing it for accountants and bookkeepers, more than 50,000 of whom use the platform. receipt bank’s solution processes and stores 45 new fields of small business financial data every second from receipt photos, bank accounts, invoices, and bills. one of the fastest-growing british technology companies, receipt bank automates bookkeeping to save businesses time and money on their taxes. the platform saves accountants one hour per client weekly and frees small businesses from 120 hours of annual financial administration.
insight is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. founded in 1995, insight currently has over $20 billion of assets under management and has cumulatively invested in more than 300 companies worldwide. insight’s mission is to find, fund and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. across its people and its portfolio, insight encourages a culture around a core belief: growth equals opportunity.
augmentum is one of europe’s leading venture capital investors focusing exclusively on the fintech sector. augmentum invests in early and later stage fast-growing fintech businesses that are disrupting the banking, insurance, asset management, and wider financial services sectors. augmentum is the only listed fintech-focused venture capital firm in the uk, having launched on the main market of the london stock exchange in 2018, giving businesses access to patient funding and support, unrestricted by conventional fund timelines.
kennet is a leading international growth equity firm that invests in high-growth companies in europe and north america. with offices in london and silicon valley, the firm supports entrepreneurial technology businesses with expansion capital to accelerate growth and build exceptional shareholder value. kennet is an experienced investor with approximately $900 million in funds under management.
cibc is a leading north american financial institution with 10 million personal banking, business, public sector, and institutional clients. across personal and small business banking; commercial banking and wealth management; and capital markets businesses, cibc offers a full range of advice, solutions, and services through its leading digital banking network, and locations across canada, in the united states, and around the world.
harris williams, an investment bank specializing in m&a advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. by collaborating as one firm across industry groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. harris williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust.
the harris williams tmt group advises leading private and public companies, entrepreneurs, private equity firms and venture capital firms on mergers and acquisitions and capital-raising transactions worldwide. the tmt group has deep domain expertise in the it services, software/saas and internet & digital media segments, with particular emphasis on specific verticals including education technology, data analytics, energy technology, fintech, public sector, and supply chain/logistics—with a dedicated healthcare technology (hcit) practice. across verticals, the firm also advises technology services and networking solutions businesses. for more information on the tmt group and its recent transactions, visit the tmt group’s section of the harris williams website.