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An accountancy startup just closed one of the biggest FinTech funding rounds since Brexit

Receipt Bank, the London-based accountancy software startup, has closed a huge $50m (approx. £38m) Series B funding round led by Insight Venture Partners as the UK’s Fintech ecosystem continues to bat away the Brexit blues.

The funding round, which now means the startup has raised around £50m, will facilitate a push for 40 new hires in the UK and will help to build on its current customer base of around 100,000 small businesses who use its automated invoicing service.

Founded in 2010, Receipt Bank has developed software which allows companies can automatically log information from receipts and other invoices by simply taking a photo with their smartphone and uploading them to their platform.

As well as helping to cut down on the onerous manual process of invoicing, its software also allows businesses to send push notifications to employees to remind them about invoices and expenses.

Alexis Prenn, Chief Executive Officer at Receipt Bank, commented: “This investment will enable us to further develop our proprietary technologies and bring these services to even more leading accounting and bookkeeping firms and their small business clients.”

Their ‘proprietary technology’ almost inevitably includes artificial intelligence (AI) where, much like hundreds of other tech firms and startups at the moment, the firm is applying machine learning techniques to improve its processes and introduce efficiencies.

Brad Twohig, Managing Director of New York-based Insight Venture Partners, credits Receipt Bank’s use of AI as a big motivator for this latest investment and lauded the tech’s potential for disruption.

He said: “Artificial intelligence has become a clear disruptor in several industries, including financial services. Receipt Bank is an industry-leader in using emerging technology to drive core functions forward.”

This latest FinTech follows similarly large rounds for the likes of challenger banks Monzo and Revolut, while small business bank Tide also closed a $14m funding round earlier this month.