Autobooks raises $25mn in Series B financing led by MissionOG
By Pavithra R
Detroit based Autobooks, a small business payment and accounting platform built on Microsoft Azure, has announced securing $25mn in Series B financing, led by MissionOG.
The investment round includes participation from other investors, including Renaissance Venture Capital, Detroit Venture Partners and Draper Triangle, along with TD Bank Group.
Autobooks enables SMBs to send digital invoices and accept online payments directly from their financial institution’s existing online and mobile banking channels. The firm works directly with banks and credit unions to unlock the potential within SMBs. It has collaborated with the industry’s leading core & internet banking providers to ensure turn-key deployments, often in less than 90 days, with a clear and measurable ROI.
“We understand business owners are busy and desire efficient solutions that provide them with more time to focus on what’s most important – the health and success of their business. In 2020, we launched an integrated accounting and receivables platform, TD Online Accounting, in collaboration with Autobooks. We know that they share our philosophy of serving businesses, which is why we are pleased to continue working with Autobooks,” said Chris Giamo, Head of Commercial Bank, TD Bank.
The funding announcement follows the firm’s recent news highlighting 232% revenue growth and the addition of 46FIs to Autobooks’ rapidly growing customer base of banks and CUs with assets ranging from $50 mn to $350 bn. The new investment will allow the company allow to continue to expand operations domestically; enter international markets; accelerate product innovation; further engage with large enterprise banks; and grow its team with a key focus on product development and customer success.
“Last year was extraordinary for many reasons, filled with new challenges and opportunities in the fintech sector. Our team is humbled and inspired by the perseverance of small businesses – their creativity and resourcefulness to overcome obstacles, embrace technology and modernize their back office against all odds. We hear these stories every day, recognize their unmet needs and aim to help restore banks and credit unions role at the center of their customers’ financial lives – combining modern technology, personalized service and contextual awareness to help businesses realize their full potential,” said Steve Robert, CEO of Autobooks.
Founded in 2015, Autobooks is simple banking that works for small businesses. The FinTech seeks to partner with financial institutions, not compete with them. Through Autobooks, financial institutions can provide an SMB e-commerce platform directly embedded within their existing digital banking channels.
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