Harris Williams, a global investment bank specializing in
M&A advisory services, announces Receipt Bank’s Series C
capital raise of approximately $73 million (£55 million) in equity
and debt, led by Insight Partners (Insight), joined by Augmentum
Fintech plc (Augmentum), with participation from existing investors
Kennet Partners (Kennet) and Canadian Imperial Bank of Commerce
(CIBC). Receipt Bank is one of the world’s leading digital
bookkeeping platforms. The funds will be used to continue expansion
in Europe, Australia and North America, and build on Receipt Bank’s
award-winning product suite. The transaction, led by Thierry
Monjauze, Tyler Dewing, Julien Oussadon, Sylvain Noblet and Mathew
Tsui of the Harris Williams Technology, Media & Telecom (TMT)
Group, builds upon Harris Williams’ experience in the fintech
sector.
“It has been a privilege to be a continued trusted advisor to
Receipt Bank and its shareholders, Insight and Kennet, over the
last few years, advising on yet another successful transaction,”
said Thierry Monjauze, a managing director at Harris Williams.
“Receipt Bank's momentum has been tremendous and, with this new
investment and new investor in Augmentum, we believe the growth is
set to accelerate in the future.”
“Receipt Bank’s CEO Adrian Blair has established a team with
exceptional talent, depth and experience – the opportunity ahead is
exciting,” said Julien Oussadon, a director at Harris Williams.
“This transaction adds to our strong track record of advising
leading fintech companies.”
Receipt Bank’s proprietary machine learning technology fetches
financial information from multiple sources, digitising and
categorising it for accountants and bookkeepers, more than 50,000
of whom use the platform. Receipt Bank’s solution processes and
stores 45 new fields of small business financial data every second
from receipt photos, bank accounts, invoices and bills. One of the
fastest-growing British technology companies, Receipt Bank
automates bookkeeping to save businesses time and money on their
taxes. The platform saves accountants one hour per client weekly
and frees small business from 120 hours of annual financial
administration.
Insight is a leading global venture capital and private equity
firm investing in high-growth technology and software companies
that are driving transformative change in their industries. Founded
in 1995, Insight currently has over $20 billion of assets under
management and has cumulatively invested in more than 300 companies
worldwide. Insight’s mission is to find, fund and work successfully
with visionary executives, providing them with practical, hands-on
growth expertise to foster long-term success. Across its people and
its portfolio, Insight encourages a culture around a core belief:
growth equals opportunity.
Augmentum is one of Europe’s leading venture capital investors
focusing exclusively on the fintech sector. Augmentum invests in
early and later stage fast growing fintech businesses that are
disrupting the banking, insurance, asset management and wider
financial services sectors. Augmentum is the only listed
fintech-focused venture capital firm in the UK, having launched on
the main market of the London Stock Exchange in 2018, giving
businesses access to patient funding and support, unrestricted by
conventional fund timelines.
Kennet is a leading international growth equity firm that
invests in high-growth companies in Europe and North America. With
offices in London and Silicon Valley, the firm supports
entrepreneurial technology businesses with expansion capital to
accelerate growth and build exceptional shareholder value. Kennet
is an experienced investor with approximately $900 million in funds
under management.
CIBC is a leading North American financial institution with 10
million personal banking, business, public sector and institutional
clients. Across personal and small business banking; commercial
banking and wealth management; and capital markets businesses, CIBC
offers a full range of advice, solutions and services through its
leading digital banking network, and locations across Canada, in
the United States and around the world.
Harris Williams, an investment bank specializing in M&A
advisory services, advocates for sellers and buyers of companies
worldwide through critical milestones and provides thoughtful
advice during the lives of their businesses. By collaborating as
one firm across Industry Groups and geographies, the firm helps its
clients achieve outcomes that support their objectives and
strategically create value. Harris Williams is committed to
execution excellence and to building enduring, valued relationships
that are based on mutual trust. Harris Williams is a subsidiary of
the PNC Financial Services Group, Inc. (NYSE: PNC).
The Harris Williams TMT Group advises leading private and public
companies, entrepreneurs, private equity firms and venture capital
firms on mergers and acquisitions and capital-raising transactions
worldwide. The TMT Group has deep domain expertise in the IT
Services, Software/SaaS and Internet & Digital Media segments,
with particular emphasis on specific verticals including education
technology, data analytics, energy technology, fintech, public
sector, and supply chain/logistics—with a dedicated healthcare
technology (HCIT) practice. Across verticals, the firm also advises
technology services and networking solutions businesses. For more
information on the TMT Group and its recent transactions, visit the
TMT Group’s section of the Harris Williams website.
Harris Williams LLC is a registered broker-dealer and member of
FINRA and SIPC. Harris Williams & Co. Ltd is a private limited
company incorporated under English law with its registered office
at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered
with the Registrar of Companies for England and Wales (registration
number 07078852). Harris Williams & Co. Ltd is authorized and
regulated by the Financial Conduct Authority. Harris Williams &
Co. Corporate Finance Advisors GmbH is registered in the commercial
register of the local court of Frankfurt am Main, Germany, under
HRB 107540. The registered address is Bockenheimer Landstrasse
33-35, 60325 Frankfurt am Main, Germany (email address:
hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery
H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a
trade name under which Harris Williams LLC, Harris Williams &
Co. Ltd and Harris Williams & Co. Corporate Finance Advisors
GmbH conduct business.
For media inquiries, please contact Katie Langemeier, associate
brand manager, at +1 (804) 915-0179.
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Katie Langemeier, associate brand manager, +1 (804) 915-0179
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