JP Morgan Chase invests in accounting software platform FreshBooks
JP Morgan Chase (JPMC) has made a ‘strategic investment’ in accounting software platform FreshBooks.
The ‘easy-to-use’ interface, designed for non-accountant users, is already integrated with Google Cloud’s G Suite, Slack and Shopify, to name a few.
FreshBooks started out catering to small businesses and self-employed professionals, but now the 17-year-old Canadian company has raised $73 million in two July funding rounds leading up to the JPMC investment.
“Our mission is to reshape the world to suit the needs of self-employed professionals and their teams,” says FreshBooks CEO and co-founder, Mike McDerment.
He adds: “We see a significant opportunity to combine the strength and scale of JPMorgan Chase’s banking and payments capabilities with FreshBooks’ expertise in software design to create mass adoption for small businesses, and propel us closer to achieving that world.”
A JPMC representative will be joining FreshBooks’ board of directors as part of the investment.
CEO of WePay and Chase Merchant Services head of SMB product, Bill Clerico, is thrilled to support the growth of FreshBooks, calling it “one of the smartest, easiest-to-use software options for small businesses”.
“Since earlier this year, our four million Chase for Business customers have been able to sign up for FreshBooks through our small business marketplace and we’ve seen lots of demand. The service is a key differentiator for us in the fast-growing integrated payments market,” says Clerico.