Fintech funding round-up: 20 July 2017
Receipt Bank, a bookkeeping automation platform (not an actual bank), has raised $50 million in Series B funding from Insight Venture Partners. The investment will be used to accelerate growth and develop its products. It currently offers a mobile app and foreign currency support. This round of investment brings the total amount of funding raised by Receipt Bank to $65 million.
The firm was launched in 2011. It provides SMEs with software automation for the collection and data extraction of receipts and invoices. It is keen to shout about its artificial intelligence (AI) – with some patent-pending tech on the way at some point in time.
The European Union’s (EU) research and innovation programme, Horizon 2020, has granted funding of almost €2 million to Poland’s Billon Group, under the SME instrument programme. The firm says the money will be used to expand its blockchain solutions beyond instant corporate payments, into ecommerce and content monetisation solutions.
Billon says it was awarded the grant on the basis that its distributed ledger technology (DLT) “can exploit the alternative payments market”.
Montreal-based TickSmith, a firm offering big data applications for capital markets, has ticked the right boxes with an investment of CA$2 million ($1.5 million) from Illuminate Financial Management, to further commercialise its flagship product, TickVault. According to TickSmith, it powers the data distribution platform of CME Group; and includes the National Bank of Canada amongst its global client base.
TickSmith was founded in 2012 by four industry veterans who had experience in designing infrastructure for banks and worked at companies like Morgan Stanley, Desjardins, IBM and FIS (formerly SunGard).