Receipt Bank rebrands to Dext; crosses one million user milestone

By Megha Bhattacharya

UK-based Receipt Bank announced that it has crossed one million users and is rebranding to Dext. The company’s flagship product Receipt Bank has become Dext Prepare with a focus to automatically capture and categorise financial paperwork.

“The company added a quarter of a million to its total user number in 2020, doubling over the past two years and acquiring data assurance software Xavier. The growth of Xavier, which now becomes Dext Precision, is a sign of the future trajectory of Dext,” commented CEO Adrian Blair. “Dext backs accountants making better businesses. Our mission is to make accountants productive, profitable and powerful through getting a clear picture of business finances automatically and accurately.”

The company acquired Bristol’s data quality specialist firm, Xavier, last year, in a bid to expand the range of advisory tools offered to accountants and bookkeepers. The acquisition follows the Bank’s $73 million Series C fundraise. The Bank aims to provide products to boost the accountants’ efficiency.

Dext Precision will be expanding to new markets along with the integration of QuickBooks Online. The feature offers client dashboards and HealthScore checks. 4. Dext Connect App has also launched with integrations to QuickBooks Desktop and Sage 50, with more integrations planned this year.

“It is clear from the success of Precision and some of our most recent product launches that accountants are crying out for tools to give expert advice to help businesses succeed in these turbulent times. One million users is a phenomenal landmark, but there are hundreds of thousands of accountants looking after hundreds of millions more businesses that still need sound financial insight to survive and thrive. Dext can help them with that.”