London based bookkeeping automation platform, Receipt Bank, raised US$50 million in series B funding from Insight Venture Partners. The company has passed US$10 million annual recurring revenue in 2016 and continues to grow at more than 100 per cent every year.

Receipt Bank has brought bookkeeping for small businesses to the digital age since its launch in 2011. Working with the leading accountants and bookkeepers around the world, it was the first software company to automate the collection and data extraction of receipts and invoices. Today, Receipt Bank automates a range of bookkeeping processes for more than 5,000 accounting and bookkeeping firms and over 100,000 of their small business clients across the core markets of North America, EMEA and Australia.

The recent funding boost will be used to accelerate the growth of the company and to further develop its products, including further investment into its patent-pending technologies built on artificial intelligence.

“Bookkeeping is at a pivotal point as automation technologies and artificial intelligence are bringing it out of the back office. With Receipt Bank, bookkeeping moves from a cost to a source of income – becoming the enabler of effective reporting, payments, lending and other value-adding services,” Receipt Bank CEO, Alexis Prenn said. “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.”

“Artificial intelligence has become a clear disruptor in several industries, including financial services,” said Brad Twohig, managing director at Insight Venture Partners. “Receipt Bank is an industry-leader in using emerging technology to drive core functions forward. We are excited to welcome them to the Insight Venture Partners portfolio, and look forward to their continued innovation in this space.”

The round of investment brings the total amount of funding raised by Receipt Bank to US$65 million.