Autobooks, a Detroit-based fintech company, has received a $40 million senior secured-term loan from Runway Growth Capital in Menlo Park, Calif., which is intended to support its recently announced acquisition of Allied Payment Network, a provider of integrated flexible payment solutions in Indiana.
“Financial institutions want to deliver more value to their business customers, and they want to do it within the banking experience,” says Steve Robert, co-founder and CEO of Autobooks. “By acquiring Allied Payments, we’re bringing together receivables, payables, and accounting in a way that’s never been done before.”
Autobooks was founded in 2015 and recently relocated its headquarters to 1505 Woodward Ave. in downtown Detroit. It provides integrated payment, invoicing, and accounting solutions specifically tailored for small and medium sized businesses.
The acquisition of Allied Payment Network is designed to expand these capabilities by adding bill payment and disbursement infrastructure to Autobooks’ suite of embedded services including real-time bill pay and digital disbursement solutions.
“Autobooks’ robust growth and approach to empowering small businesses via direct integrations with leading financial institutions is truly innovative and aligns well with Runway’s investment philosophy,” says Jeff Goldrich, managing director of technology at Runway Growth Capital.
“Our financing supports their ongoing platform growth and key strategic initiatives such as the Allied Payment Network acquisition, which we believe positions them as a critical partner for virtually any institution within the banking ecosystem that intends to serve the small business marketplace.”
For more information, visit here.
