Augmentum Fintech (AUGM), the fintech-focused trust, has made a £7.5m investment in Receipt Bank, the UK-headquartered digital bookkeeping platform.
AUGM’s investment is part of Receipt Bank’s £55m series C fundraising, led by Insight Partners, with participation from exisiting investors Kennet Partners and Canadian Imperial Bank of Commerce (CIBC).
Receipt Bank one of the 50 fastest growing technology companies
Receipt Bank (receipt-bank.com), which was named one of the 50 fastest growing technology companies by the Sunday Times 2019 Tech Track, currently operates in six markets – the UK, US, Canada, Australia, South Africa and France. AUGM says the new funding will support further expansion to new markets in Asia and within Europe.
Tim Levene, of AUGM, said: “Digital bookkeeping allows businesses to save both time and expense, and Receipt Bank’s technology make the company a clear leader in this sector. 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.”
AUGM is a venture capital investor focusing exclusively on the fintech sector. The company invests in fast growing fintech businesses that are disrupting the banking, insurance, asset management and wider financial services sectors. AUGM is the UK’s only publicly listed investment company focusing on the fintech sector, having launched on the main market of the London Stock Exchange in 2018, giving businesses access to patient capital and support, unrestricted by conventional fund timelines.
AUGM: Augmentum Fintech invests in rapidly expanding bookkeeping platform