Autobooks, a business payment and accounting services platform, has announced the completion of a $25m Series B funding round.
Led by MissionOG, the investment was also participated by Renaissance Venture Capital, Detroit Venture Partners, Draper Triangle, and TD Bank Group.
The funding will be directed into domestic and international expansions, accelerating product innovation, extending enterprise banks partnerships, and growing Autobooks’ team.
The injection comes after the Detroit-based group posted a 232% year-on-year revenue growth in 2020.
Steve Robert, CEO at the company, said: “Last year was extraordinary for many reasons, filled with new challenges and opportunities in the fintech sector.
“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.”
Rob Metzger, general partner at MissionOG, said that being able to receive payments online is “vital for today’s small businesses”.
He added: “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.”