Augmentum Fintech invests £7.5m in Receipt Bank

Maria Nikolova

Augmentum’s investment is part of Receipt Bank’s £55 million Series C fundraising, led by Insight Partners.

Augmentum Fintech PLC (LON:AUGM), an investment company focusing on the fintech sector, has just announced that it has made a £7.5 million investment into UK-headquartered digital bookkeeping platform Receipt Bank.

Augmentum’s investment is part of Receipt Bank’s £55 million Series C fundraising, led by Insight Partners, with participation from existing investors Kennet Partners and Canadian Imperial Bank of Commerce (CIBC).

Receipt Bank currently operates in six markets – the UK, US, Canada, Australia, South Africa and France. The new funding is set to be used for further expansion into new markets in Asia and within Europe.

Tim Levene, of Augmentum Fintech, commented: “Digital bookkeeping allows businesses to save both time and expense, and Receipt Bank’s technology make the company a clear leader in this sector. Receipt Bank’s continued growth and product evolution demonstrates that they provide an increasingly essential service for accountants as bookkeeping digitises, which is a trend that they will leverage as they continue their global expansion, and which is supported by this fundraising round.”

In December 2019, Augmentum Fintech announced a further investment into Onfido, a provider of online identity verification, through a $5 million convertible loan note. This investment followed the company’s initial investment in Onfido of £4 million announced in March 2019.

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