Autobooks Raises $25 Million in Series B Funding

By Bruce Harpham Saturday, March 27, 2021

Autobooks, a Detroit-based fintech startup company, has closed a $25 million Series B funding round. The small business accounting and payment company is already working with more than forty credit unions and banks. The accounting and financial management company will now be better positioned to compete with major competitors like Quickbooks and Freshbooks.

A person working on finances with a calculator.

Startup Receives Investor and Bank Backing

The Detroit startup business has funding from MissionOG, Renaissance Venture Capital, Detroit Venture Partners and Draper Triangle, and TD Bank Group. The Series B round was led by MissionOG, an investor focusing on high-growth B2B companies. WIth a typical investment ranging from $5 million to $10 million, MissionOG has invested in Frontline Selling (a B2B lead generation business), Tethr (an artificial intelligence, or AI, analytics business focused on customer calls), and OneTwoSee (a business acquired by Comcast in 2016)

Beyond investor support, the startup has also partnered with TD Bank. The bank has more than 1,200 locations in the United States (US) and serves over nine million customers. The Canadian bank launched TD Online Accounting, an integrated accounting and receivables platform, with Autobooks in 2020.

Autobooks Leverages Integrations

The startup isn’t relying exclusively on its technology to service its business customers. Instead, Autobooks has several integrations with other business software companies like Alkami, FIS, First Data, World Pay, and Microsoft. The technology for the business accounting company is built on Microsoft Azure, Microsoft’s cloud computing platform.

Payment Capability Sets Autobooks Apart

Autobooks also helps its customers streamline their payments. For instance, First Response Training commented, "Autobooks allows us to quickly collect payment from customers after a class.” By connecting directly with banks, Autobooks makes it easier for small business owners to manage financial reports and payment information.

The company leadership has deep expertise in accounting and payment requirements. The company CEO, Steve Robert, previously served as the technical co-founder of Billhighway, an enterprise payments company, which was acquired in 2019 by private equity firm Lovell Minnick Partners.

Over 200% Growth in 2020

The last twelve months have been difficult for many small business owners. Bloomberg reported that 80,000 small business listings have disappeared. Despite these challenging conditions, Autobooks has grown. In 2020, the startup company achieved 232% revenue growth.

Autobooks’ revenue growth is striking compared to Intuit, a company that also offers accounting software to small business customers. Intuit, the company that produces Quickbooks, grew business revenue by 15% in 2020 in its small business and self-employed segment. Overall, Intuit reported $7.6 billion in net revenue in 2020 across all segments, a 13% increase from 2019 results.

Hiring in Austin and Detroit

The business is currently hiring for multiple job positions in two offices: Austin, Texas and Detroit, Michigan. From a technology perspective, the company is seeking Azure experts, front-end developers, and project managers. Additionally, Autobooks is also hiring B2B sales employees and customer success specialists. According to LinkedIn, the company has 72 employees.

About the Author


Headshot of Bruce Harpham

Bruce Harpham is an author and marketing consultant based in Canada. His first book, "Project Managers At Work," shared real-world success lessons from NASA, Google, and other organizations. His articles have been published in CIO.com, InfoWorld, Canadian Business, and other organizations. Visit BruceHarpham.com for articles, interviews with tech leaders, and updates on future books.

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