- Sensibill — a company that provides receipt management for mobile banking apps — announced it raised $31.5 million
Sensibill — a Toronto-based company that provides receipt management for mobile banking apps — recently announced that it raised $31.5 million USD in Series B funding. This round of funding is being led by AI-focused venture capital fund Radical Ventures. The National Bank of Canada and existing investors Information Venture Partners and First Ascent Ventures also joined this round.
Ever since Sensibill raised its previous funding round, the company’s employee count has more than doubled and a U.K. office was opened. Plus the company secured over 30 major bank partnerships in their target markets of the U.S., the U.K., and Canada, including the Bank of Nova Scotia, Royal Bank of Scotland Group, and FIS.
“We’re helping champion the future of work. That means supporting small business owners, freelancers, and entrepreneurs–-they’re the fastest growing segment and the most underserved by banks,” said Sensibill co-founder and CEO Corey Gross. “We believe everybody should have access to services that make them financially healthy, and that their money should be protected by the organizations who provide those services. Banks are best suited to deliver on that latter promise––they have a legacy of security and trust behind them. What we’re trying to do at Sensibill is bridge the gap between what banks are good at today, and where they need to be in five or ten years to protect their relationships from disruption. Tools beyond core banking, an incredible customer experience, and meaningful customer insights for banks––that’s what we bring to the table.”
Gross also pointed out that the company’s product vision is to offer contextual advice and improve the end users’ financial health through AI-assisted decisioning. Sensibill is also on a mission to unlock the value of purchase data for both end users and their banking providers and will use the capital to deepen its AI expertise.
Sensibill’s AI-powered spend management tools help customers make sense of their purchase behavior and their cash flow while unlocking revenue-driving insights for the banks that offer the solution. The company’s platform is used by more than 10 million customers to date.
“We at Radical Ventures are proud to lead this investment in Sensibill. This is a classic story of an under-the-radar company from Toronto with fantastic data-driven, customer-facing AI solutions being used by a who’s who of global Tier 1 banks. We are very excited to help support Sensibill’s rapid growth as it transitions from successful startup into a global powerhouse,” added Jordan Jacobs — co-founder and managing partner at Radical Ventures.
