Detroit's Autobooks Announces $25M Series B To Scale, Accelerate Innovation

Detroit-based Autobooks, a provider of small business banking, cash flow and accounting solutions, announced a $25-million Series B funding round Thursday.

What Happened: Autobooks is a fully integrated payments and accounting platform for business, delivered through online banking.

The company enables small businesses to send digital invoices and accept online payments directly from their financial institution’s existing online and mobile banking channels.

To help financial institutions better serve small businesses, Autobooks said it will scale, as well as accelerate product innovation following the $25-million Series B round led by MissionOG.

“The ability to receive payments online is vital for today’s small business,” said Rob Metzger, general partner at MissionOG.

“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.”

The Series B participants include Renaissance Venture Capital, Detroit Venture Partners and Draper Triangle, along with Toronto-Dominion Bank TD.

"We understand business owners are busy and desire efficient solutions that provide them with more time to focus on what's most important – the health and success of their business," said Chris Giamo, head of commercial bank, TD Bank.

"In 2020, we launched an integrated accounting and receivables platform, TD Online Accounting, in collaboration with Autobooks. We know that they share our philosophy of serving businesses, which is why we are pleased to continue working with Autobooks."

Related Link: TD Bank, Detroit's Autobooks Launch Online Small Biz Accounting Platform

Why It Matters: The development comes after a record 2020 for Autobooks.

The company realized 232% revenue growth and added nearly 50 financial institutions to its growing customer base of banks and credit unions, with assets ranging as high as $350 billion.

“Last year was extraordinary for many reasons, filled with new challenges and opportunities in the fintech sector,” said Steve Robert, CEO of Autobooks.

“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. We hear these stories every day, recognize their unmet needs, and aim to help restore banks and credit unions role at the center of their customers' financial lives - combining modern technology, personalized service, and contextual awareness to help businesses realize their full potential.”

Related Link: Detroit Startup Autobooks Announces $10M Funding Round