£7.5 million investment into Receipt Bank

3 January 2020

Augmentum Fintech plc

£7.5 million investment into Receipt Bank

Augmentum Fintech plc (LSE: AUGM) (the “Company” or “Augmentum”), the UK’s only publicly listed investment company focusing on the fintech sector, announces that the Company has made a £7.5 million investment into Receipt Bank, the UK-headquartered digital bookkeeping platform.

Augmentum’s investment is part of Receipt Bank’s £55 million Series C fundraising, led by Insight Partners, with participation from exisiting investors Kennet Partners and Canadian Imperial Bank of Commerce (CIBC).

Receipt Bank (receipt-bank.com), which was named one of the 50 fastest growing technology companies by the Sunday Times 2019 Tech Track, currently operates in six markets - the UK, US, Canada, Australia, South Africa and France. The new funding will support further expansion to new markets in Asia and within Europe.

Tim Levene, of Augmentum Fintech, said: “Digital bookkeeping allows businesses to save both time and expense, and Receipt Bank’s technology make the company a clear leader in this sector.  Receipt Bank’s continued growth and product evolution demonstrates that they provide an increasingly essential service for accountants as bookkeeping digitises, which is a trend that they will leverage as they continue their global expansion, and which is supported by this fundraising round.”

Contacts:

Augmentum Fintech Tim Levene, Portfolio Manager Nigel Szembel, Investor Relations	[phone] [phone] / [e-mail]
Peel Hunt Liz Yong/Luke Simpson	[phone]
Frostrow  Victoria Hale,  Company Secretary	[phone]      [e-mail]

 
About Augmentum
Augmentum invests in fast growing fintech businesses that are disrupting the banking, insurance, asset management and wider financial services sectors.  Augmentum is the UK’s only publicly listed investment company focusing on the fintech sector in the UK and wider Europe, having launched on the main market of the London Stock Exchange in 2018, giving businesses access to patient capital and support, unrestricted by conventional fund timelines.