London FinTech Receipt Bank has raised £55 million equity and debt finance in a Series C funding round.

The digital bookkeeping platform will look to extend its product suite and continue rapid expansion in Europe, Australia and North America.

The round was led by Insight Partners, joined by Augmentum Fintech with participation from existing investors Kennet Partners and Canadian Imperial Bank of Commerce (CIBC).

The company doubled customers in 2019, taking the total number of businesses using the platform to above 360,000.

Receipt Bank’s proprietary machine learning technology fetches financial information from multiple sources, digitises and categorises it, improving the productivity of more than 50,000 accountants and bookkeepers.

The platform processes and stores 45 new fields of small business financial data every second from receipts, bank accounts, invoices and bills.

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“This investment is an endorsement of our mission at Receipt Bank - to help accountants do more, empowering millions of small businesses to save time on their finances and focus on growth,” said Receipt Bank CEO Adrian Blair.

“Our machine learning technology enables accountants to dramatically enhance their service to small business clients, expanding the market for professional advice by making accountants far more productive. We look forward to using these funds to expand our award winning product set.

“The addition of Augmentum alongside our current investors, Insight, Kennet and CIBC, strengthens our board and will help us meet our ambitious growth goals, following a stellar 2019.”

Receipt Bank has opened six offices on four continents and now has more than 450 employees.

Jason Ewell, operating partner at Insight Partners and Receipt Bank board member, commented: “Receipt Bank's powerful machine learning technology allows businesses and their accountants to spend more time solving critical problems and less time on administration.”

Tim Levene, CEO of Augmentum Fintech, said: “Digital bookkeeping allows businesses to save both time and expense, and Receipt Bank's technology make the company a clear leader in this sector.”