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Augmentum Fintech puts ?7.5m into Receipt Bank's series C round
3rd Jan 2020 08:50
(Sharecast News) - Financial technology-focussed investment company Augmentum Fintech has made a £7.5m investment into UK-based digital bookkeeping platform provider Receipt Bank, it announced on Friday.
The London-listed firm said the investment was part of Receipt Bank's £55m series C fundraising, led by Insight Partners, with participation from existing investors Kennet Partners and Canadian Imperial Bank of Commerce (CIBC).
It explained that Receipt Bank, which was named one of the "50 fastest growing technology companies" by the Sunday Times 2019 Tech Track, was currently operating in six markets, namely the UK, the United States, Canada, Australia, South Africa and France.
The new funding would support further expansion to new markets in Asia and within Europe.
"Digital bookkeeping allows businesses to save both time and expense, and Receipt Bank's technology make the company a clear leader in this sector," said Augmentum Fintech's portfolio manager Tim Levene.
"Receipt Bank's continued growth and product evolution demonstrates that they provide an increasingly essential service for accountants as bookkeeping digitises, which is a trend that they will leverage as they continue their global expansion, and which is supported by this fundraising round."
At 0839 GMT, shares in Augmentum Fintech were down 0.1% at 102.9p.
The London-listed firm said the investment was part of Receipt Bank's £55m series C fundraising, led by Insight Partners, with participation from existing investors Kennet Partners and Canadian Imperial Bank of Commerce (CIBC).
It explained that Receipt Bank, which was named one of the "50 fastest growing technology companies" by the Sunday Times 2019 Tech Track, was currently operating in six markets, namely the UK, the United States, Canada, Australia, South Africa and France.
The new funding would support further expansion to new markets in Asia and within Europe.
"Digital bookkeeping allows businesses to save both time and expense, and Receipt Bank's technology make the company a clear leader in this sector," said Augmentum Fintech's portfolio manager Tim Levene.
"Receipt Bank's continued growth and product evolution demonstrates that they provide an increasingly essential service for accountants as bookkeeping digitises, which is a trend that they will leverage as they continue their global expansion, and which is supported by this fundraising round."
At 0839 GMT, shares in Augmentum Fintech were down 0.1% at 102.9p.