Autobooks, the small business payment and accounting services platform, today announced that they have raised $25 million in Series B financing, led by MissionOG. The round also includes participation from other investors including Renaissance Venture Capital, Detroit Venture Partners and Draper Triangle, along with TD Bank Group [NYSE: TD].
The Detroit-based fintech enables small businesses to send digital invoices and accept online payments directly from their financial institution’s existing online and mobile banking channels. The Detroit-based fintech works directly with banks and credit unions to unlock potential within small and micro-businesses, which has been historically difficult to do profitably, at scale. The company 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.
This announcement follows the recent news of a record 2020 for Autobooks, highlighted by 232% revenue growth and the addition of 46 financial institutions to Autobook’s rapidly growing customer base of banks and credit unions with assets ranging from $50 million to $350 billion. 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 with a key focus on product development and customer success.
To learn more, read the full release here.