03 January 2020:
Receipt Bank raises $73 million in Series C round of funding. The funding round was led by Insight Partners. Augmentum Fintech and existing investors Kennet Partners and Canadian Imperial Bank of Commerce (CIBC) also participated in the funding round.
Harris Williams advised Receipt Bank on this funding.
The transaction, led by Thierry Monjauze, Tyler Dewing, Julien Oussadon, Sylvain Noblet and Mathew Tsui of the Harris Williams Technology, Media & Telecom (TMT) Group, builds upon Harris Williams’ experience in the fintech sector.
The company will use the fresh capital to continue expansion in Europe, Australia and North America, and build on Receipt Bank’s award-winning product suite.
Adrian Blair, CEO, Receipt Bank, said, “This investment is an endorsement of our mission at Receipt Bank – to help accountants do more, empowering millions of small businesses to save time on their finances and focus on growth. Our machine learning technology enables accountants to dramatically enhance their service to small business clients, expanding the market for professional advice by making accountants far more productive. We look forward to using these funds to expand our award winning product set. The addition of Augmentum alongside our current investors, Insight, Kennet and CIBC, strengthens our board and will help us meet our ambitious growth goals, following a stellar 2019.”
Julien Oussadon, a Director at Harris Williams, said, “Receipt Bank’s CEO Adrian Blair has established a team with exceptional talent, depth and experience – the opportunity ahead is exciting. This transaction adds to our strong track record of advising leading fintech companies.”
Thierry Monjauze, a managing director at Harris Williams, said, “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. Receipt Bank’s momentum has been tremendous and, with this new investment and new investor in Augmentum, we believe the growth is set to accelerate in the future.”
(Image – Receipt Bank)