Dublin-based AccountsIQ secures €5.8 mn in funding from Finch Capital

By Megha Bhattacharya

Dublin-based financial management software provider AccountsIQ has secured a €5.8 million investment from venture capital firm, Finch Capital. AccountsIQ’s AI-driven FMS can be used by medium-sized businesses for streamlining and automating the capture, process and reporting of their financial performance across all business units.

Rob Shaw, CFO of Apera Asset Management moved from Xero to AccountsIQ in 2018, when the company was growing and its existing accounting software was not scalable, “I was looking for a Xero equivalent but more turbo-charged in its ability to consolidate across seven entities, handle foreign exchange and group accounting and reporting across multiple jurisdictions. AccountsIQ ticked more boxes than other systems designed for businesses like ours.”

“The combination of Brexit and Covid has led businesses to reconsider their regional presence. Previously, businesses looking to expand or franchise internationally would have to implement complex and expensive systems to manage these operations. Now they can do it all with a cloud-based, scalable and affordable FMS solution” said Tony Connolly, AccountsIQ CEO and founder. “We built AccountsIQ as a cloud solution to make it easy for individual entities to manage local finances while providing instant group-wide control and analysis of results.”

According to AccountsIQ, its FMS handles complexities such as sub-groups, multiple currencies revaluations, inter-company transactions and minority interests. It also uses artificial intelligence and an open API strategy to automatically synchronise bank accounts, generate electronic payments, auto-post electronic invoices and integrate front-end systems with approval workflow and expense capture via smartphone.

Aman Ghei, partner at Finch Capital, commented, “In today’s dispersed world, AccountsIQ’s focus on serving businesses growing locally and internationally, has never been more relevant. As investors in companies that are shaping the future of finance we are excited to back this established executive team and award-winning product. We look forward to supporting AccountsIQ through its ambitious plans for rapid growth and expansion.”