Receipt bank the award winning receipt processing and book keeping platform  that automates the book keeping process has raised further funding from Insight Venture Partners which it will use to fund further product development and accelerate the growth of the company. The company will now be channeling further investment into its patent pending technologies. In all the current $50 million brings the total investment in receipt bank to $65 million

Receipt bank uses AI technology to automate data capture and collection which many small and medium sized businesses have found tedious and time consuming. Since its formation in 2010 it was the first company to be able to automate the capture and extraction of data from receipts and invoices using a variety of collection methods.

It now delivers automation for over 5,000 accountancy practices worldwide and helps to streamline the book keeping of over 100,000 of their smasll business clients across its core markets in Europe, North America and Australia.

Receipt Bank CEO, Alexis Prenn, said “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”

Brad Twohig, managing director of Insight Venture Partners, commented that ” 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”

Alpha Business Services works with clients to deliver receipt bank integration with cloud book keeping software packges such as Kashflow and Sage One providing online realtime information.

For further information about our book keeping services and how we integrate receipt bank please see our solutions page or for a discussion of how we can assist your business call us on 01384 468320,  e-mail admin@scottishwebdesigner.co.uk  or use our contact form and we will call you