Autobooks, a small business payment and accounting services platform in Detroit, has raised $25 million in Series B financing, led by MissionOG. The round also includes participation from Renaissance Venture Capital, Detroit Venture Partners, Draper Triangle, and TD Bank Group.
With the proceeds, Autobooks plans to continue expanding its domestic operations as well as enter international markets; accelerate product innovation; further engage with large, enterprise banks; and grow its team.
“The ability to receive payments online is vital for today’s small business,” says Rob Metzger, general partner at MissionOG. “As we analyzed the market, we were impressed with Autobooks’ unique ability to successfully partner with financial institutions. These partnerships help redefine integrated receivables, bringing immediate and significant value to treasury and cash-management services and the small businesses who most need the help.”
Autobooks enables small businesses to send digital invoices and accept online payments directly from their financial institution’s existing online and mobile banking channels. The Detroit-based fintech works directly with banks and credit unions to unlock potential within small and micro-businesses, which has been historically difficult to do profitably, at scale.
The company has developed partnerships with core and internet banking providers to ensure turn-key deployments, often in less than 90 days — with a clear and measurable ROI.
“We understand business owners are busy and desire efficient solutions that provide them with more time to focus on what’s most important — the health and success of their business,” says Chris Giamo, head of commercial bank at TD Bank. “In 2020, we launched an integrated accounting and receivables platform, TD Online Accounting, in collaboration with Autobooks. We know that they share our philosophy of serving businesses, which is why we are pleased to continue working with Autobooks.”
This announcement follows the recent news of a record 2020 for Autobooks, highlighted by 232 percent revenue growth and the addition of 46 financial institutions to Autobook’s customer base of banks and credit unions with assets ranging from $50 million to $350 billion.
“Last year was extraordinary for many reasons, filled with new challenges and opportunities in the fintech sector,” says Steve Robert, co-founder and CEO of Autobooks. We “aim to help restore banks and credit unions role at the center of their customers’ financial lives — combining modern technology, personalized service, and contextual awareness to help businesses realize their full potential.”
Detroit-based Autobooks is a provider of small business banking solutions that make it simple to get paid online, manage cash flow, and automate accounting. Through Autobooks, financial institutions can provide essential back-office services, providing a small business ecommerce platform directly embedded within their existing digital banking channels.
For more information, visit www.autobooks.co.