Accounting Services Platform Autobooks Raises $25 Million In Series B

By Amit Chowdhry ● Mar 13, 2021
  • Autobooks — a small business payment and accounting services platform — announced recently that they have raised $25 million in Series B funding. These are the details.

Autobooks — a small business payment and accounting services platform — announced recently that they have raised $25 million in Series B funding led by MissionOG. And this funding round also includes participation from other investors including Renaissance Venture Capital, Detroit Venture Partners, Draper Triangle, and TD Bank Group.

Autobooks essentially enables small businesses to send digital invoices and accept online payments directly from their financial institution’s existing online and mobile banking channels. And the Detroit-based fintech works directly with banks and credit unions to unlock the potential within small and micro-businesses – which has been historically difficult to do profitably at scale. Plus Autobooks has developed partnerships 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.

The funding news follows the recent news of a record 2020 for Autobooks, highlighted by 232% revenue growth and the addition of 46 financial institutions to Autobooks’ rapidly growing customer base of banks and credit unions with assets ranging from $50 million to $350 billion. And the proceeds from this round of funding will allow Autobooks to continue to expand operations domestically as well as enter international markets, accelerate product innovation, further engage with large enterprise banks, and grow its team.

KEY QUOTES:

“The ability to receive payments online is vital for today’s small business. As we analyzed the market, we were impressed with Autobooks’ unique ability to successfully partner with financial institutions. These partnerships help redefine integrated receivables, bringing immediate and significant value to treasury and cash-management services and the small businesses who most need the help.” 

— Rob Metzger, General Partner at MissionOG

“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.”

— Chris Giamo, Head of Commercial Bank, TD Bank

“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.”

— Steve Robert, CEO of Autobooks