(Alliance News) - Augmentum Fintech PLC on Thursday said it has invested GBP7.5 million into digital bookkeeping platform Receipt Bank.
This investment is part of the Receipt Bank's Series C capital raise, led by Insight Partners, to expand to new markets in Asia and Europe. Receipt Bank currently operates in the UK, US, Canada, Australia, South Africa and France.
Augmentum's investment brings the amount raised by Receipt Bank in the latest funding round to GBP55 million. Others taking part included existing investors Kennet Partners and Canadian Imperial Bank of Commerce.
"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", said Tim Levene, Augmentum's portfolio manager.
Augmentum Fintech shares were trading down 0.1% at 102.90 pence per share on Friday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Augmentum Fint. (AUGM)