Industry News

“Receipt Bank raises $50 million to help bookkeepers automate data extraction from invoices”

VentureBeat, along with much of the tech press, reports on London’s Receipt Bank, which has raised a $50M B-round from sole investor, Insight Venture Partners.

Receipt Bank, a Renovata client, simplifies the painful paper processing at the heart of basic book-keeping practice, allowing businesses or accountancy professionals to take pictures of receipts which are then automatically analysed and categorised.

VentureBeat reports that the business has over 5000 accountancy professionals as clients and has broken $10M ARR; but that this is only the start of the company’s ambitions. By putting AI to work in automating paper processes, the business aims to convert book-keeping from a cost centre to a profitable activity– a function which will drive management reporting and ultimately efficiencies or commercial insights which can be monetized.

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