Headquartered in Detroit, Autobooks is a top fintech startup in the Midwest that's making small business banking easy. Today they announced they raised $25 million in Series B funding. The round was led by MissionOG and includes participation from Renaissance Venture Capital, Detroit Venture Partners and Draper Triangle, along with TD Bank Group. This round brings their total funding up to $42.5 million.
Founded in 2015, Autobooks has been working hard to empower small businesses financially. Their technology allows small business to send digital invoices and accept online payments by integrating with their financial institutions' existing digital banking channels. Autobooks works directly with banks and credit unions to help small businesses drive profits.
“The ability to receive payments online is vital for today’s small business,” said 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.”
This funding announcement follows a record year for Autobooks. In 2020, the company grew revenue by 232%, and added 46 financial institutions to their rapidly growing customer base.
“Last year was extraordinary for many reasons, filled with new challenges and opportunities in the fintech sector,” said Steve Robert, CEO of Autobooks. “Our team is humbled and inspired by the perseverance of small businesses - their creativity and resourcefulness to overcome obstacles, embrace technology and modernize their back office against all odds. We hear these stories every day, recognize their unmet needs and 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.”
This new round of funding will help Autobooks' continued expansion domestically, as well as enter international markets. They will also use the funding to accelerate product innovation and grow their team, focusing on product development and customer success positions.
Autobooks was named one of the best places to work in Midwest tech. This top fintech startup has a tight-knit and hardworking team. If you're looking to join a fast-growing fintech startup and have the opportunity to learn and grow, check out Autobooks. They're hiring in Detroit for open software engineering jobs and more!