UK-based fintech startup Receipt Bank, which creates accounting technology, has raised $50 million in a Series B financing round from the New York-based Insight Venture Partners.

Receipt Bank creates software to automate accounting processes, such as the collection of receipts and invoices for small businesses. Over 5,000 accounting and bookkeeping firms in North America, Europe, and Australia use the company's services.

The new capital will be used by the company to fund further product development and to hire 40 more staff in the UK.

Read more: Financial Times

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