Autobooks Secures $40 Million Funding to Revolutionize Small Business Banking Technology

Autobooks Secures $40 Million Funding to Revolutionize Small Business Banking Technology

Autobooks, a leading FinTech company located in Detroit, specializes in providing integrated payment, invoicing, and accounting solutions designed specifically for small and medium-sized businesses (SMBs). Recently, Autobooks secured a significant $40 million senior secured term loan from Runway Growth Capital, a well-known provider of growth loans tailored for both venture and non-venture-backed firms. This funding is set to enhance Autobooks’ platform capabilities and facilitate its broader strategic objectives.

About Autobooks and Its Services

Founded in 2015, Autobooks delivers a comprehensive suite of embedded financial services directly within the digital infrastructures of banks and credit unions. These services encompass:

  • Invoicing
  • Payment acceptance, including Tap to Pay on iPhone
  • Accounting tools

This integration allows small business owners to efficiently manage their finances within their existing banking applications.

Strategic Growth and Acquisition Plans

The recent funding will also support Autobooks in acquiring Allied Payment Network, a company recognized for providing flexible bill pay and disbursement solutions. This strategic acquisition aims to enhance Autobooks’ embedded finance capabilities, positioning the company as a comprehensive solution provider for financial institutions aiming to better serve SMBs.

Insights from Industry Leaders

Jeff Goldrich, managing director of technology at Runway Growth Capital, remarked, “Autobooks’ impressive growth and its innovative approach to empowering small businesses through direct integrations with leading financial institutions aligns perfectly with our investment philosophy.” He added that the financing would support Autobooks’ ongoing platform expansion and key strategic initiatives, such as the acquisition of Allied Payment Network, which positions them as a vital partner within the banking ecosystem.

CEO’s Vision for the Future

Steve Robert, co-founder and CEO of Autobooks, stated, “Financial institutions are eager to deliver greater value to their business customers within the banking experience. By acquiring Allied Payments, we are unifying receivables, payables, and accounting in an unprecedented manner.” He emphasized that this is more than just a product expansion; it represents a crucial step in their mission to assist financial institutions in competing effectively by providing small businesses with the necessary tools to thrive.

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Autobooks is grateful for the support of Runway Growth Capital as they work towards fulfilling this vision and continue to build a platform that evolves alongside the needs of small businesses and their banking partners.

For more information about Autobooks, visit their official website or explore related topics on Autobooks and Runway Growth Capital.

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