US-based payment and accounting platform Autobooks has raised $50 million in a Series C round led by Macquarie Capital Principal Finance.
Also participating were new and existing investors including Baird Capital, Commerce Ventures, Draper Triangle, Mission OG and TD Bank.
Larry Handen, senior managing director at Macquarie Capital, will also join the Autobooks board.
“Our investment in Autobooks is an opportunity to help small businesses across the US by backing an exceptional team building an extraordinary product,” says Handen.
Based in Detroit, Autobooks banking solutions to small businesses that facilitate payments, manage cashflow and automate accounting.
Through Autobooks, financial institutions can provide back-office tools to serve small and micro-businesses directly within their existing digital banking channels. The firm says it currently serves over one-third of the US market.
Among its partners are established software vendors such as Alkami, Bottomline and FIS.
“Businesses are looking for simple, bundled solutions to get paid and automate their back-office. If the bank can’t offer these services quickly, businesses will (and have) gone elsewhere,” says Steve Robert, co-founder and CEO of Autobooks.
“To maintain primacy, banks must optimise legacy merchant service programs to include digital payment acceptance tools that feature self-service onboarding. Autobooks makes this possible through our payment facilitation (payfac) model, which can be enabled within days.”
The company claims to have more than 60,000 businesses on its platform, averaging 10,000+ monthly enrollments and surpassing $40 billion in transaction volumes.
Autobooks last raised $25 million in a Series B round in March 2021.