back Back

Uplinq raised $5.6m to empower SMBs with automated financial data and bookkeeping

By Edlyn Cardoza

December 09, 2022

  • Arizona
  • Bookkeeping Solutions
  • financial data
Share

Uplinq, Bookkeeping Solutions, SMBs, Financial Data, Financial Institutions, FinTech, Arizona, USAUplinq, the tech-powered company that provides advanced bookkeeping solutions through data automation and machine learning, announced it has raised $5.6 million in seed funding to revolutionise how small business owners manage bookkeeping and provide a more streamlined way of accessing financial data to empower small-to-medium-sized business owners (SMBs) with actionable insights.

“SMBs start a business because they have an interest, expertise, or opportunity in a certain area or industry – not bookkeeping. They are often forced to choose from poor options such as outsourcing to firms with inconsistent service, hiring an internal finance manager, or doing it themselves,” said Uplinq’s CEO, Alex Glenn. “That’s where Uplinq comes in. We offer businesses a better way to get professional help through our proprietary technology, that not only makes bookkeeping worry-free for the business owner, but also provides them with powerful data automation and machine learning to better understand their finances and how their business can improve.”

The funding was led by AZ-VC, the Arizona-focused venture capital fund that is uniquely focused on supporting emerging technology companies throughout the state. The round included a strategic investment from Live Oak Ventures, the FinTech-focused venture arm of Wilmington, NC-based Live Oak Bank, one of the biggest SBA lenders that knows firsthand the struggles of bookkeeping for small businesses. Additional investors include Merus Capital and Members of the Kuwaiti Royal Family.

“We have met with dozens of top-notch technology companies within Arizona and beyond, and what stands out about the Uplinq team is their infectious energy and passion for reimagining the bookkeeping industry. It is extremely rare to feel impacted to the point where you meet a company and wake up the next morning with a pronounced sense of conviction about a team’s ability to execute their vision, but that is Uplinq,” said Benjamin Brockwell, Principal, AZ-VC. “We are eager to put our vast regional and global fintech weight behind Uplinq as they enable SMBs to build more sustainable businesses.”

With monthly subscriptions and pricing based on business needs across various industries, including technology, construction, healthcare, real estate, and more, Uplinq seamlessly integrates with over 10,000 financial institutions. Many of the resources businesses already use, including QuickBooks, ADP, BambooHR, and most payroll, accounting, point-of-sale, and HR vendors. This process is done through Uplinq’s proprietary technology that comprehensively gathers, organises, and categorises business transactions, to provide unparalleled review-ready, real-time analysis at the touch of a button. Due to their innovative technology, they provide customers with updated financials every week — instead of monthly or quarterly — and are piloting additional solutions with a planned release in 2023.

“With continued economic uncertainty, new automated fintech like Uplinq helps businesses take advantage by keeping track of changing costs and financials more efficiently than ever before to make smart business decisions fast,” said Glenn. “This funding round will accelerate the next phase of Uplinq’s growth plans and expand our reach across this lucrative $15 billion industry.”

The funding amount will scale Uplinq’s marketing efficiency, sales power, engineering capabilities, and customer delivery departments to support the demand for its next-level solution in the vastly underserved bookkeeping FinTech market.

“Our investment reflects our view that machine learning and artificial intelligence, coupled with comparative financial analysis in bookkeeping, is an untapped vertical, and Uplinq is poised to lead the charge in making SMB data accessible and actionable for everyone,” said Stephanie Mann, EVP of corporate development and strategy for Live Oak Bank. “Businesses are only as strong as their accounting systems, and the list of organizations that will benefit from Uplinq’s financial data and automation technology is growing steadily each day. We look forward to seeing the new ways Uplinq will help our network and new businesses thrive now and in the future.”

Previous Article

December 09, 2022

HDFC Bank partners with Mintoak to develop payment solutions for MSMEs

Read More
Next Article

December 09, 2022

UK WealthTech start-up 1fs secures angel backing

Read More










IBSi Daily News Analysis

January 27, 2023

Arizona

Embedded finance, Web3 to trigger FinTech investment in 2023 amid looming recession

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

January 27, 2023

Open Ecosystem RegTech Konsentus launches into MENA

Read More

January 27, 2023

Klarna provides overview of spending in 2022 with ‘Money Story’

Read More

January 27, 2023

RegTech Salv raises €4m to fuel European expansion

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q4 2022

£1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q4 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q4 2022

£1,500.00 / year

Know More
Treasury & Capital Markets Systems Report Q4 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022